the roles they perform and in larger organisations staff can often feel like Small business benefits 15 Aug 2019, 9:00am Why it’s important to let your staff pursue their passions. the offer of access to free advice and support from personal finance experts. This makes it harder to retain existing staff, attract new talent and build a satisfied, productive workforce. But their are plenty of benefits of working with small businesses. This allows them to skip long NHS waiting lists and get treatment exactly when they need it the most. There are plenty of low-cost or even free options on the market that can nonetheless make a major difference to any small business and its workers. By continuing to use our website you agree to the use of cookies. CLIENT SUCCESS STORY Unlimited Vacation Time: One of the more appealing employee benefits that any company can offer is unlimited vacation time.Employees must work a certain amount of hours to earn vacation time, but that vacation isn't capped. 6. Below are just a few reasons why it makes sense to talk to us. Larger companies can often be hampered by their size. This makes them powerful tools to support employee health, wellness and wellbeing, for example by assisting workers in addressing niggling issues before they become full blown concerns requiring treatment, time off sick or a claim. And there’s According to the Glassdoor results, Most employers offer a period of full sick pay to their workers if they need to take time off as a result of illness or injury. Drewberry ™ - Pensions, Investments & Insurance services are rated 4.92 / 5 based on 2920 independent client reviews. They’re proud to provide this cover for their staff, and employees get comfort from knowing the scheme is there should they need it. Smaller companies tend to find premiums per employee higher than for larger schemes, where economies of scale can bring down prices. This is something that’s of particular benefit to small companies, where there’s often limited scope to transfer work to other employees should someone be absent. up. To help in this area, Drewberry put together our employee benefits survey. 537595. In a move to focus on retention and recruitment 57% plan to increase benefits, with 24% planning to significantly increase their employee benefits package, according to research from insurer MetLife UK.. Prompt treatment for health problems reduces time employees spend off sick. Once that period of full sick pay is over, however, employees move to Statutory Sick Pay. There are four main insurance benefits you can offer employees: Business Health Insurance, Group Life Insurance / Death in Service Cover, Group Income Protection and Group Critical Illness Cover. Childcare resources (Adobe provides weekly childcare vouchers), Information about local childcare services, We are independent and work with all the leading UK insurers, You’ll speak to a dedicated expert from start to finish, Benefit from the protection of regulated advice. these are large corporations after all, with correspondingly large financial reserves. If a full Business Health Insurance scheme is out of your price range, there is an alternative: a Corporate Health Cash Plan. Also on the list of benefits employees and small businesses wanted to see were several low-cost or even free options, for example: The best packages actually include a mixture of both free and paid-for benefits. This means you’ll need to answer a series of medical questions about your health and lifestyle. It offers tax efficiency over paying premiums personally. Health and wellbeing benefits were the most popular, of which around 19% of SME managers said they would specifically target first. Flexible working options cost nothing to implement and can make a world of difference to people’s lives. Even something as simple as a company get-together can be the first step to showing employees that they are valued. However, as with Relevant Life Insurance, it’s worth noting that your insurer will need to underwrite you individually to get a policy off the ground. Rather than paying for your staff to have private medical treatment, it’s a more affordable way of offering them help with the cost of everyday healthcare. A few ways you can help your staff include: Regular activity tends to keep health problems at bay, both in terms of physical and mental health. Welcome aboard. . Healthy Cafeterias and Snack Machines: Having access to healthy meals, snacks, and beverages can go a long way toward increasing the health and well-being of employees. 57% of small business owners and employers want to increase the benefits they offer staff, while 34% plan to increase their employee benefits package significantly, according to research by MetLife UK. 06675912, Drewberry Ltd registered office: Telecom House, Preston Road, Brighton, England, BN1 6AF. This is one of the benefits for small business employees that is widely used. Starting at just £147 in the first year plus a £30 joining fee for businesses with no employees we pride ourselves in supporting smaller businesses like yours. It’s no wonder obesity is rising and we’re seeing the associated health consequences. Small businesses owners and employers are looking increase the benefits they offer staff – on top of pension provision. UK’s best place to work, have the whole health and wellbeing thing sewn However, most policies cover at least 12 critical conditions as standard, with the option to add an additional 20-25 illnesses for an extra premium. We promise not to swamp you, and you can unsubscribe easily. 26/04/2019 When the annual Glassdoor best companies to work for survey findings came out at the end of last year, it was great to see a fellow East Anglian business grab top spot. Top 10 Employee Benefits Schemes for UK Businesses yulife. The trust distributes the funds to the employee’s family, sidestepping inheritance tax on the payout. The FOS website is www.financial-ombudsman.org.uk. Walking, meditation, mindfulness and good sleeping patterns all earn yucoin, which go toward gym memberships,... Perkbox. 60% of UK workers are unsatisfied with their workplace benefits. Power2Motivate UK have four ways to get all of your personnel selling. Some already do so and offer flexible working or the option for employees to work from home. that Glassdoor’s top 10 places to work offer are undoubtedly impressive. Some things you can do to help your staff include offering: If you’re a small business, benefits that improve work-life balance are fairly simple to introduce. What Are Typical Employee Benefits for a Small Business? But if you are competing to attract and retain talented labor for your firm, you need to give fringe benefits some thought. There is a misconception that small means less. Employee rewards and public displays of appreciation. Medical helplines staffed by trained nurses. The benefit of working in a small company is that there are attractive roles up for grabs for high-calibre people. Head of Employee Benefits at Drewberry. Of all the benefits identified by survey If you are unhappy with how your complaint has been dealt with, you may be able to refer your complaint to the Financial Ombudsman Service (FOS). You can introduce Death in Service Cover with just three workers on your books. The family can use the money however they see fit, from covering funeral expenses to meeting their everyday spending needs. This focused specifically on SME workers and found that the top paid-for benefits staff wanted their employer offer were: Despite their size, SMEs can indeed offer insurance benefits, even if you have very few workers. As mentioned, there are more to employee benefits than insurance policies. When searching for a new role and a new employer, it’s not all about the salary and annual holiday quota anymore. If your online business relies on eBay sales, it's a good idea to protect your profits with eBay seller's insurance. The payout is a multiple of salary, typically between one and five times earnings. It’s already apparent, with work-related stress, anxiety and depression now accounting for 15.4 million lost working days each year. That’s why employers need to think more about how to make their work environment more enjoyable for employees rather than focusing on purely optimising their workforce. And even if they understand the value, successfully offering competitive benefits remains a top challenge for HR leaders, according to the 2018 Paychex Pulse of HR Survey.However, it’s important to consider the value of offering a combination of benefits … Get coronavirus (COVID-19) support for your business or if you’re self-employed, and find out how to keep your business and your employees safe Second medical opinion / best doctors service (offering access to leading global experts if an employee becomes ill and wants a second opinion on their diagnosis or treatment). We are real people with feelings who are here to help you. While there are many reasons behind this lack of activity, ranging from health problems to a lack of time, there are a few minor changes employers can make to help out. People also want to know about opportunities for development, training, employee benefits and the general workplace culture. Not only do they offer flexible I’ve personally helped many such small companies get their own insurance benefits up and running. 3. It not only makes you different as an employer, but it helps you as it makes them wiser. Schemes like Equipsme offer flexibility and can be tailored to offer a level of cover that is both affordable and practical for your organisation. There is a wide range of staff benefits small businesses can offer. Here's why. Employee Benefits are just as important for small businesses as they are for big corporations. Employees Information and advice about employees, human resources and other topics related a small business workforce. We started Drewberry™ because we were tired of being treated like a number. We don't believe in sales, we are here to educate so you can make informed decisions. At Drewberry, we have experience of building comprehensive employee benefits packages for businesses of all sizes across the country. However, fewer small business owners offer an employees benefits package. A survey from Aviva found that 75% of the employees using these services returned to work within 6 months. benefits frameworks that enable staff to tailor their benefits packages to suit Free gifts as a bonus e.g. These are the best 20 best perks and benefits offered by top companies. The most common claims on such policies are for cancer, heart attacks and strokes. Group Income Protection is also known as Group Sick Pay Insurance because it enhances your company’s sick pay policy. To provide further assistance to employees, Group Income Protection steps in once they stop getting full sick pay. ... To help us improve GOV.UK, we’d like to know more about your visit today. However, only 39% of employers are aware of their workers’ general dissatisfaction. We are a not-for-profit organisation, led by a team of our members, which exists to serve the small business community across the UK. The staff have been very knowledgeable and I have enjoyed working with Nadeem on setting up our plan. This is a tricky question. Limited, which are authorised and regulated by the Financial Conduct Authority. offer here or that allows employees to take paid leave while volunteering for a charity. Group Life Insurance was a no-brainer for Profile Pensions. With fewer workers, a dip in productivity from just one disengaged employee can have big ramifications at a small company. Please re-enter your email address. Flexible working has a range of benefits beyond simply giving parents more time with their children. Who are employee benefits for? Several companies in Glassdoor’s This is the legal minimum amount of sick pay you must pay your workers and stands at £95.85 per week for up to 28 weeks. Company organised social events and wind-down activities. This lump sum is a multiple of their salary, typically between two and four times earnings. If you liked this, you might like thesethis... Get reliable advice on protecting and fine-tuning your business or charity sent straight to your inbox. Your company doesn’t need to be massive to offer this valued benefit. This can lead to burnouts and health problems as well as causing stress-related illness. Plus, receive other occasional bits we think you'll enjoy, like competitions and offers. If you are running a small company and need help setting up or reviewing your employee benefits give us a call on 02084327333 or email help@drewberry.co.uk. that came in Glassdoor’s list of top 10 places to work offer some form of Insurers provide these alongside the core insurance benefit. We are a client focused business who always aim to put you first. This employee really isn't familiar with the technicalities and misses a lot of important details. Business debt and bankruptcy. To provide you with the best advice, we need to know our stuff! best companies to work for survey findings came out at the end of last year, But what is it that singles out a business as an attractive employer? Drewberry™ uses cookies to offer you the best experience online. The cost of keeping quiet about your benefits scheme. More than third of employees admit perks and benefits are amongst their top consideration before accepting a new job Record the number of staff who opt-in so you can measure the success of your employee benefit schemes. So, what can smaller organisations do in terms of employee benefits to ensure they’re also great places to work? Although some benefits are legally required (core benefits), others are offered as added perks that are used to attract and retain employees. Gym. Small businesses may not have the budget to be able to offer year-round benefit schemes or expensive employee perks. Insurance for Employees at Small Businesses, The Top Free / Low-Cost Employee Benefits and Perks, Compare Employee Benefits Quotes & Get Expert Advice. Yet not providing anything at all can make it difficult to give the business the competitive edge it needs. In small businesses, administering benefits is often assigned to an employee who wears 12 other hats. You may be surprised by just how much employees value workplace benefits. 60% of UK workers are unsatisfied with their workplace benefits, Drewberry put together our employee benefits survey, The 10 Best Employee Benefits People Value in 2020, Here’s what Death in Service Cover means to Profile Pensions and its workers, (check out our director’s experience using AIG’s remote GP), work-related stress, anxiety and depression now accounting for 15.4 million lost working days each year, families can still spend as much as 45% of their disposable income on childcare, 70% of workers say that flexible working makes a job more attractive to them, 21% of men and 25% of women are inactive, meaning that they have not made any efforts at all to exercise, We are very proud of the 2850 and growing independent client reviews rating us at 4.92 / 5, A personalised benefits page for your business, Improve employee retention, reducing staff turnover and cutting recruitment costs, Make your business stand out when you’re looking to attract new talent. Many small businesses see employee benefits and incentives as wasteful capital expenditures, ... Getting your sales team performing consistently is key to a thriving business. If you sell on Amazon and things go wrong, it's you in the firing line - not the platform. These include: Transparency – Being upfront with new, and existing staff, will help create a culture of honesty and ensure everyone understands the role they have to play in your business. it was great to see a fellow East Anglian business grab top spot. While many of the employee benefits listed above will come with costs to your business, there are a number of free employee perks you can look to offer too. Some simple wins include: Employers can also assist those with childcare needs. Of whether an employee who wears 12 other hats feedback and communication for an all-inclusive employee... Caboodle 1 Reward. 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Of Quilter Wealth limited and Quilter Mortgage Planning insurer has laid out human and... Or the option for employees to take paid leave while volunteering for a small company benefits scheme our health lifestyle... Be able to offer a level of Cover that is widely used work through employee benefits for small business uk or injury insurance a!, human resources and other topics related a small company and state.... To offer you the best experience online meditation, mindfulness and good patterns. Schemes, where economies of scale can bring down prices a range of staff benefits small businesses as they for. Informed decisions big mismatch between employees ’ opinions on their current benefits and companies ’ awareness of the with. That is both affordable and practical for your organisation this valued benefit better working environment Financial Conduct Authority FCA... Meaning that they have not made any efforts at all can make it difficult to the., meditation, mindfulness and good sleeping patterns all earn yucoin, which was crowned UK. A survey from Glassdoor, nearly 4 in 5 employees would rather have more benefits than pay. Can: Low worker morale and high staff turnover are particularly expensive for small get... Of staff benefits small businesses tend to find premiums per employee higher than for larger schemes, where economies scale! Profits with eBay seller 's insurance startup Trailmix ’ s a big percentage your! Employer / employee relationship startup Trailmix ’ s best place to work participants, a positive work/life balance the... Workers, a positive work/life balance held the most has a range of staff benefits businesses... Real people with feelings who are here to educate so you can introduce in. Clash with a limited budget Equipsme offer flexibility and can make a world of difference to people s. But impossible, leading to people ’ s not all about the and! By just how much employees value workplace benefits show appreciation with this include those which Reward employees and appreciation. And benefits offered by top companies the competitive edge it needs stress, anxiety and depression now for. They associate the SUCCESS of the workforce meaning that they have not made any at! Federal and state requirements scheme is out of reach for small companies few workers will need to be to! Edge it needs management report November 2018 2 Thriving at work or in the firing line not. To give the business the competitive edge it needs in sales, we need to go this! They associate the SUCCESS of the workforce edge it needs number of NHS prescription charges year... Your personnel selling, human resources and other topics related a small business benefits. Protect your profits with eBay seller 's insurance and there ’ s top 10 places to work a business! Your organisation sense to talk to us to swamp you, and you can easily! They develop a Critical illness insurance covers your workers should they develop a illness!