I was recently asked by a client what employee benefits they should offer and should they include Private Health, Critical Illness and Death in Service and you may be surprised to learn that I recommended they didn’t. Why you old scrooge I hear you all say, well firstly they need to think about their staff demographic, then ask them what employee benefits would be more relevant. They may well be as surprised by their employees answers as they were to mine.
If I had a pound for every time I mentioned a pension or Private Health to a perspective employee as a perk and got the answer ‘I’m too young to think about that’ or ‘I’d prefer the holiday’ or I’d prefer the money as rents are too high’ I again might not have to follow this as a career option.
When thinking about offering employee benefits first think about the demographic, younger people at the start of their careers in their early to mid twenties in the prime of their health generally tend not to think about providing for yet to be born families, death, injury or even pensions. What they tend in the main to want are more time off, flexible working, gym membership, good working environment with a social life built in and a bonus. If thats your demographic then offer them something along those lines they’ll appreciate it more.
If your demographic is moving up the age scale then Group Income Protection, pensions, private health all become more important in terms of employee benefits especially when they start having to provide for families.
If your demographic is heading towards retirement, then allowing them additional pension top ups, financial advice,share options are again all employee benefits to consider.
To summarise my point, don’t through good money away on employee benefits that might not be relevant or appreciated until you have looked at what your staff might actually appreciate and what is important to them at this stage in their careers.