EMPLOYEE BENEFITS MADE EASY
Have you heard the phrase employee benefits and wondered what it meant?
My name is Lucy and I’ve been an apprentice at Excellect for 9 months! Before I joined, I had no idea what employee benefits were, but in my 9 months here, I have learnt so much about them and all the different ones that are on offer for companies. They can be a helpful factor when trying to retain employees and hire new ones as well, as nowadays many people don’t just look for the salary, but the benefits that are included.
In this blog, I will break down the 6 main employee benefits and what they are so that you can understand too.
Private Medical Insurance
Prompt access to medical consultations and treatment avoiding the long NHS waiting lists due to the crisis we are currently in. This is a good benefit to have for peace of mind and helps to speed up the process of being seen by a doctor for more significant medical issues.
Health Cash Plan
Employees can claim back some of the costs of everyday medical expenses, for example, optical & dental. Usually includes a discount portal, virtual GP service and EAP (Employee Assistance Programme). This is a benefit that many companies have now for all their employees as it is fairly cost effect benefit that is useful.
Group Life Assurance/Death In Service
Pays out a tax-free lump sum to nominated dependents if an employee dies whist in service, usually it’s a multiplier of salary.
Group Income Protection
Enables an employer to pay employees a percentage of their income if illness or injury prevents them from working for a prolonged period, this helps employers to manage sickness costs.
Group Critical Illness
Pays out a tax-free lump sum to an employee if they are diagnosed with a serious illness or life-threatening condition.
Corporate Dental Plan
Employees can claim back the expenses of dental treatment, both NHS and privately.
Employee Assistance Programme
Provides employees with access to a confidential counselling service via a 24/7 helpline, app or online, which helps the employer to support employees with any issues they may be facing that are not just work related. This is usually an add on to a health cash plan or private medical insurance but can be separate.
Other Employee Benefits
Some other benefits we offer are Cycle to work scheme, Gym discounts, Travel Insurance.
Hopefully this blog has gave you an easy understanding of employee benefits and how useful they can be to not only the employees, but employers too.
If you would like to discuss employee benefits for your company in more detail please feel free to get in touch via email email@example.com or phone us on 0117 370 0352.