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The Secret to a Great Benefits Package

Did you know it now takes more than competitive salaries to attract and retain employees? For instance, a recent survey by Harvard Business Review reported that 80% of employees would choose additional benefits packages over a salary increase.

Employees are quickly realising that they must now offer excellent employee benefits packages whether they own an SME or a large-scale business. So, what should you be looking to offer?

Employee Benefits Packages

There are several cost-effective ways an employer can attract and retain employees and keep them happy, motivated, and engaged. However, not all perks, incentives or benefits packages are suitable for all workplaces. So, employers must find out which matters to their employees. Here are some employee benefits that you should consider.

1. Salary exchange

Salary exchange opens the door to non-cash employee benefits in the workplace. It involves your employees agreeing to exchange part of their salary in return for non-cash benefits, such as wellness programs, death in service, free meals, professional and personal developments, and tangible gifts.

Salary exchange also allows employees to increase their take-home pay and pension contributions at no cost to the employee and employer. If set up correctly and the benefits are well communicated to employees, salary exchange can be the most highly valued benefits package you can offer your employees.

Many businesses do not implement salary exchange because of the hassles involved with payroll changes and compliance validations, amendments to employment contracts, and additional monthly administration. That said, employing payroll outsourcing services can help eliminate salary exchange hassle. So, if you’re hesitant to implement salary exchange due to the challenges involved with payroll, it might be worth considering outsourced payroll services.

2. Flexible work schedule

Flexibility has become one of the most desired workplace perks, especially for modern or technology-inclined employees. Depending on your business operations it is likely your employees will value the option to work from home, flexible hours, and improved work-life balance.

3. Corporate perks

Unlike core employee benefits, perks allow for innovation and can make your employees value you over others. Giving your employees perks such as birthdays off and free fruit, food, and beverages in the office can help improve employee satisfaction.

4. Personal and professional development

Personal and professional upskilling is crucial in today’s world. So, facilitating, sponsoring or offering loans for personal improvement and career advancement programs and training will help you ensure a mutually beneficial and enriching workplace relationship. Likewise, it will become easier to attract and keep top talent.

Want to find out more about the best benefits to offer?As an employer, you are responsible for financially, physically, and mentally supporting your employees’ well-being throughout their career. Even so, an excellent and well-structured employee benefits package doesn’t necessarily have to cost you a large amount of money or become challenging to suit new employee needs.

Pay Check, in conjunction with Mattioli Woods, are running a series of webinars that will focus on benefits options for your employees.

Don’t miss the opportunity to learn from seasoned professionals and ask questions on whatever aspect of employee benefits you require clarification on. See below full details about the forthcoming webinars, and how to sign up.

Secrets of a great benefits package - Early career

Date: 25 January 2023
Time: 10:00am – 11:00am (GMT)
Register here.

Secrets of a great benefits package - Mid career

Date: 8 February 2023
Time: 10:00am – 11:00am (GMT)
Register here.

Secrets of a great benefits package - Late career

Date: 22 February 2023
Time: 10:00am – 11:00am (GMT)
Register here.

These FREE webinars are designed to help you understand the range of benefits available to your employees, especially post-pandemic. Book your place today to ensure you don’t miss out.

How can Pay Check help?Employees today, especially millennials, are more focussed on their well-being while on the job than ever before. As a result, progressive businesses must remain up to date with current trends and consider offering their employees generous, competitive, and flexible benefits packages.

Outsourcing payroll to providers like Pay Check can help you manage your payroll and eliminate the stress and hassle that may accompany implementing salary exchange-related benefits. To find out how Pay Check can help you with payroll outsourcing services, contact us now.


This article was written by
The Pay Check Team
+44 (0) 20 7866 4600