The Most Essential Employee Benefit Schemes
If you are a small business owner, you’ll probably have considered an employee benefit scheme. As a company grows, it is important to reward staff with more than just money. Doing so keeps employees motivated and happy while boosting staff retention and making you more attractive as an employer.
Group Life Assurance
Life assurance schemes offer financial security to the families of your employees should they die in service. This could be a tax-free lump-sum or through the pension of the employee being transferred to a dependent.
Looking after the families of your employees in the case of death is something that many employees will value greatly – everyone wants to look after their loved ones.
Group Income Protection
Income protection is a way of ensuring that employees continue to receive an income even if incapacitated for an extended period of time. No one plans on becoming ill and unable to work for a lengthy spell, but it is something employers should plan for.
In group income protection schemes, the incapacitated employee is paid by the provider of the protection, meaning your business will be free to employ a replacement worker without abandoning a valued employee or seeing a drain on payroll budget.
Group Critical Illness
Critical illness cover is a way to make sure that you help your staff with the trauma and shock of being diagnosed with a life-threatening condition. These schemes offer those covered a lump sum upon (or soon after) their diagnosis with a range of critical illnesses, such as stroke, heart attack and cancer.
This kind of cover will give your employees peace of mind as, should the unthinkable happen, they will be supported with medical bills, nursing costs and family travel expenditure. Many suffering critical illness will make a full recovery and return to work. Supporting your staff through difficult times can make a huge difference on their lives.
Employee benefit schemes can really set your business apart as a compassionate and rewarding employer. To discuss introducing employee benefit schemes at your company, get in touch with gpfm’s Hertfordshire financial planners today on 01992 500 261 or email firstname.lastname@example.org.
This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.