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Employee Benefits News

Latest News
22 Jan 2013

For the Benefit Of All

Offering the right blend of employee benefits to your staff can ensure that those 2013 resolutions don’t fall by the wayside, explains Iain Fox, director at Bath-based employee benefits specialist Fidelius.

As January gives way to February, it may be getting tougher to stick to those 2013 resolutions, but for businesses the early weeks of a new year provide a precious time to reassess and focus on key goals.

Traditionally, it’s a time of year when individuals seek to get in shape – and it should be the same for businesses. And the two aren’t unconnected.

Many employees will have made financial resolutions – to save more, to clear the credit cards, to start that pension – and companies can help them achieve those goals through the smart use of employee benefits. The outcome of this can be that employees start to feel more valued and energised at work, and this in turn can help your business operate in a slicker way.

At first sight, some employees will have been pleased by the Government’s announcement that it is to introduce a flat-rate state pension of £144 a week from 2017, compared to a current basic pension of £107. A slew of data has been produced examining who will benefit and who will lose out as a result of the changes, but one thing remains true: if you are looking for a comfortable retirement, then the state pension won’t be enough on its own.

The Government’s pension auto-enrolment scheme continues to be implemented, with the UK’s larger companies gradually being obliged to comply with a new regime in which they are legally required to offer eligible employees a pension. More modest-sized firms are not part of this regime yet but it pays to be prepared for it, not only because it can save an administrative headache further down the line, but because it can help your employees start to save more adequately for the future.

Pension provision is one thing, but another way to help your employees meet their financial and health resolutions is to offer employee benefits that help promote positive lifestyle decisions. Such benefits can help ensure that your staff are fit and healthy, which in turn makes it less likely that they will be away from work for extended spells due to illness.

The range of benefits you can offer is huge, from private medical insurance to discounted gym membership. Employee assistance programmes, which help with psychological health, are also available, as are health cash plans which help meet everyday health costs, such as dental and optical check-ups.

Health risk assessments can also be used to support employees’ health and fitness drives. These provide a snapshot of an individual’s health, and make suggestions about any necessary dietary and lifestyle changes.

Employee benefits are not a case of either/or – offering more than one can often be the most appropriate option for your business. And if you can find the right blend of benefits to motivate and attract employees, then you can begin to assemble a package that helps ensure that both your staff and your business tackle future challenges in a leaner, fitter state. And that has to be a resolution worth sticking to. 

To receive the latest from the panel register here at www.bath-business.net get the latest news about businesses in Bath. 

John Calvert-Jones

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