What To Consider When Setting Up Your Employee Benefits

Business Insights

When you are an employer, you need to think carefully about the kinds of benefits that you are offering your team. If you don’t have the right kind of benefits then you might risk losing valuable team members and struggling to recruit top-quality candidates.

To help you with this, we have put together some of the things that we think you should consider when you are setting up your employee benefits. Keep reading to find out more.

The Competition

One of the most important things that you should consider when you are setting up your employee benefits scheme is the competition. While you may think that you only need to beat your competition when it comes to gaining customers, you also need to consider your employees. If a competitor is offering a great benefits package in comparison to yours, you might find that your employees switch companies. This can be difficult and disappointing. Try to find out what your competition is offering and this should help you out.

Benefits Platforms

Have you ever thought about using an employee benefits platform? There are many companies out there like Zest Benefits who let you personalise your benefits and keep everything in one place. This can be especially useful if you have a large business and struggle to keep track of the benefits being used by everyone. This will usually cost you some extra cash but it can be very simple to set up and your team will love what you’ve done.

The Costs

Another thing to consider when you are setting up your employee benefits scheme is the cost. While it can be tempting to offer lots of things to your new team members, you need to make sure that you can afford to do so. While there are some benefits that you might need to include like statutory holidays and sick days, you might not be able to afford private healthcare and other benefits. Try to figure out your budget for the benefits scheme and choose what you can afford. This should be something that benefits your employees and your business.

Advertising Them

If you are going to go to the effort of giving your employees great benefits then you should make sure that you are making this information public. For example, when you are hiring a new member of staff, you should try to list the benefits that they could receive in the job ad. This will help you to attract more high-quality candidates for the role. Simply stating that the role comes with ‘great benefits’ is vague and doesn’t tell the applicant much about the role. Make your job ad stand out by showing all that you offer for this position.

If you were especially proud of your benefits, you could make an announcement in the next team meeting about the changes or promote your business on your social channels.

Final Verdict

When you are setting up your employee benefits scheme, you need to make sure that you are thinking about everything that we have discussed in this article. Think about the types of benefits platforms that you can choose from and you might just find something that works for you. You should also try to establish your budget before you get started if you want to keep your business afloat.

Make sure to take all of our tips into consideration and this should help you to set up an employee benefits scheme that fits well within the culture of your company.