November 2023 brings us National Talk Money Week, up to the 10th of November, and it’s a great opportunity to kick-start conversations around personal finance and money. It’s also the perfect time to highlight the support that our staff benefits programme gives with living expenses.
Childcare benefits, workplace pensions, health cover, loans and discounts can all ease the strain of the cost of living crisis for your employees. These benefits can help them feel more in control of their finances, and this in turn reduces anxiety and boosts staff wellbeing.
This post looks at why now is more important than ever to be having conversations with money, and how our employee benefits can help people stay on top of regular expenses.
Why talking about money matters
UK workers are taking more sick days than at any point in the last decade, according to a recent study. With financial pressures from the cost of living crisis being a major contributing factor, it’s a much-needed reminder that money-related stress can take its toll on our mental and physical health.
Talking about money worries openly can help reduce the strain, which is why financial help is part of our Enjoy Benefits Wellbeing Programme.
It’s good for business too. As well as fewer sick days, reduced stress results in:
- Improved focus
- Enhanced productivity
- Better decision making
- Increased job satisfaction
- Improved chances of career advancement
Make big savings on childcare
One of the biggest savings your staff can make with employee benefits is on childcare. Parents can save literally thousands of pounds on childcare costs each year through our Nursery Benefits Scheme.
They simply choose an approved nursery for any children up to the age of five and the workplace nursery benefit saves them tax and national insurance on the full costs. As an example, savings could be over £2,900 for basic rate taxpayers and £4,200 for higher rate taxpayers, who are paying monthly nursery fees of £1,000 a month.
We can provide Workplace Nursery combined with Tax Free Childcare or Childcare Vouchers and manage the scheme for you.
It integrates easily into your payroll, makes returning to work for new parents much easier and improves work/life balance so staff can fully focus on their working day.
Find out more about the Workplace Nursery Benefit scheme – click here.
Easing the cost of commuting
It’s emerged that a startling number of workers are borrowing money just to pay for their commute, according to a recent survey. Newcastle, London and Liverpool top the list for the highest rates of borrowing, but there’s no doubt that rising prices are having an impact on workers across the UK.
The Enjoy Benefits Cycle to Work Scheme helps staff to buy a bike for commuting and make savings of up to 47%. We do all the admin for the scheme, it’s free to introduce and you save Employers NI while workers save on transport costs, parking, fuel and servicing. A fitter, more healthy workforce is an extra benefit to everyone.
Dedicated drivers could reduce their costs and drive a more energy efficient car through our Leased Car Scheme. The salary sacrifice arrangement enables the staff member to lease a new fully maintained, taxed and insured car and make savings when compared to a personal lease deal.
We take care of all the paperwork and there’s no financial risk to your company. There are tax efficiencies for your business and we take care of the paperwork.
Find out more about Cycle to Work and Car Lease schemes with Enjoy Benefits.
Managing the unexpected
We can’t predict the future but Enjoy Benefits can help you plan for it. Our range of Risk Benefits puts staff in control of their finances and helps cushion the blow of unexpected costs. The Healthcare Cash Plan pays for dental work, eyesight tests and physio while Private Medical Insurance offers stress counselling and a faster route for medical advice.
Financial planning for the future
The number of people in the UK without a will has hit 29.5 million, according to research by unbiased.co.uk. Our Will Benefit makes sure your estate goes to the right people by giving you the convenience of making a Will through an experienced specialist provider and spreading the cost over 12 months.
It helps employees get their financial affairs in order and provides peace of mind, as well as support for trustees of your life assurance and pension schemes in case of complications.
Calculate the overall savings
Financial confidence and resilience are good for your staff and your business. You can get a glimpse of the overall savings that our various staff benefits offer to both your business and individual staff members with our Calculator.
In the employee view, individuals fill in how much they spend per year on things like childcare, gym membership, car leasing, mobile phone and buying a bicycle and tech gadgets and they can see the hundreds or even thousands of pounds that they can save each year with employee benefits.
Employers fill in the number of employees who may be joining each scheme and the calculator displays the sum they will save on National Insurance savings. The surprising truth that our calculator reveals is that providing staff benefits actually saves employers money.
TRY THE EMPLOYEE BENEFITS CALCULATOR
To find out more about how benefits can help your company thrive, why not get in touch with one of our specialist advisors online today – or call us on 0800 088 7315.
And can download the participation pack on the Talk Money Week website for ways to kickstart conversations about money in the workplace this November.
About Us
At Enjoy Benefits, we have great experience in helping companies of all sizes introduce benefits that are suitable for their workplace.
Benefits are easy to set up and ongoing administration is then run through a hub, allowing employees to manage their own benefits while the employer can see which benefits are proving popular and what level of take-up each has had.
If you would like an obligation-free chat to discuss which benefits might work for your business and your employees, please contact us by calling 0800 088 7315 or using our Contact Form.
Ready to start working with us?