A variety of ways to attract and retain the best people
Research has shown that recruiting and retaining high-calibre staff is easier when you offer an attractive benefits package.
Whilst the initial outset might seem expensive, the long-term advantages usually outweigh the costs.
Our team has long-standing experience supporting and advising clients on implementing a variety of benefits for their employees, whether these are taxable or non-taxable benefits.
Offering benefits can improve motivation and productivity, and enhance employees’ work-life balance. All of which make for a happier, healthier team.
There are many types of employee benefits to consider. Often, working with our tax consulting team, we can help you decide which are the right ones for your business, and advise you on implementing them.
With any employee benefits, we can guide you through the options and determine which would work best for your business. We can then search the markets for the most cost-effective and appropriate policies, get quotes and terms on your behalf, and help you implement the scheme.
You can read more about some of the key protection policies that could be available to you below.
Also known as ‘death in service’, this is a life insurance policy that insures a group of people. The employer pays for it without any tax implications for the individual. Cover can be a multiple of salary, or a set amount. Most policies require little or no medical underwriting, and minimal administration. Group life insurance represents an extremely cost effective and popular benefit
This policy provides a monthly income for members who are off work through sickness or injury. Employers pay for it without any tax implications for their employees.
Designed to provide financial support to employees suffering from a defined injury or illness, this policy pays a tax-free sum, after a survival period. Cover is normally a multiple of salary. Employers pay for some or all of their employees without any tax implications for the individual.
Paid by an employer, this cover gives peace of mind, and can help get employees back to work as soon as possible – thanks to speedy diagnosis and prompt access to the latest treatments, drugs and medical technology from private medical hospitals and specialists.
You’ll want to avoid the financial problems that could result from losing a key person – such as a director or partner of your business, sales people, project managers, or anyone with specific skills or knowledge. You can use this policy to insure the lives of these individuals. If they pass away, your company receives a set sum to help pay for replacing their expertise.
You can take out life and critical illness cover specifically for the shareholders of your business. So if one of them passes away or suffers a serious illness or injury, the surviving owners have the funds to buy the deceased (or ill or injured) person’s stake in the business. This means the surviving owners remain in control of the company, and the deceased person’s beneficiaries realise the value of their shares.
All employment law services are provided by Price Bailey LLP. For information about our regulatory status see www.pricebailey.co.uk/legal.
Contact us today to find out more about how we can help you
Our expert HR and Employment Law team can provide assistance and advice relating to numerous areas that business owners face when employing people.