With the economy on a healthier trajectory, businesses
may well be feeling optimistic. However, this is a key time for employers to
ensure they strengthen staff engagement and retention, says Busy Bees Benefits
CEO, John Woodward. In a healthier economy, long-serving, formerly loyal staff
feel more confident about moving on to other organisations. The loss of skills
and knowledge, not to mention the cost of recruiting and training a new
postholder, can run into thousands of pounds.
“When a key staff member resigns, your first reaction may
be to offer more money”, says Woodward. “However, this is usually too little,
too late. A more effective approach is to plan ahead and ensure the employee
doesn’t want to leave in the first place. Rewarding staff without increasing
costs may seem like a pipe dream, but it can be achieved with employee benefits
which create savings for employees without raising the pay bill.”
Everyone has
different lifestyle needs and financial commitments, so when choosing which
benefits to offer, it makes sense to offer something most staff will want. For
example, having a personal mobile phone has become a necessity and users have high
expectations from the latest technology – they want more at a low price. This
makes the offer of a cheaper mobile phone a perfect benefit with mass appeal.
“The Busy
Bees Benefits Mobile Phone scheme will appeal to the majority of staff and is unique”,
says Busy Bees Benefits Director of Operations, Louise Wesley. “All handsets and tariffs are 4G enabled,
unlike other contracts found on the high street. Employees can choose from a
range of the latest smartphones on the market, the handset is free, there are
unlimited minutes and texts and a 24-month extended handset warranty. Staff can
even transfer their existing phone number.”
Operated as
salary sacrifice, the tariff is deducted directly from employees' wages, by
doing so they will make tax and National Insurance savings. Employers can save up to 13.8% your Employers
National Insurance Contributions, per employee on the scheme.
Salary sacrifice can be used to make savings on a wide
range of things including childcare, buying a bicycle, paying for a season
ticket for parking or work–related training. What’s more, these benefits do not
require additional tax paperwork.
“Employees generally like the idea of using a portion of their salary to pay
for something they want. That portion of salary is not taxed and so is worth more
to them. Happy employees are loyal employees. Rather than being the last thing
on your mind, employee benefits should be a key part of your business strategy,”
says John Woodward.
If you would
like to find out more about how employee benefits can help your business, contact
Busy Bees Benefits on 0330 333 9100.
For more information, please visit:
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