Tuesday, 17 June 2014

Act now to retain staff

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.

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