FEATURE: BUSINESS BANKING & FINANCE The benefits of employee rewards


A bonus can easily be forgotten once spent. Employee benefits and rewards which incentivise performance while contributing to a great company culture can make a lasting impression. Building a connection between


an employer and their people with meaningful employee benefits is where we can help. Workforces today are diverse


with employees at different ages, with different family situations and thus different priorities. This means it is important for an employer to consider the demographic of their employees and, in turn, employees need to consider which benefits they feel are most suitable for them. For many small


business owners, offering employee benefits and rewards beyond those legally required is not always a top priority. Statistics, however, show that employers who offer employee benefits retain and attract happy and committed staff. We understand rewards and


benefits come at a cost - this can,


‘Employers who offer


employee benefits retain and attract happy and


committed staff’


however, be offset against


corporation tax. Some rewards


and benefits are more obvious than others. Although auto


enrolment has now created a


legal obligation to provide a pension scheme for employees, the core incentive for employees is that


the employer will also contribute, plus the additional benefit of tax relief on workplace pension contributions. Here are a few popular benefits


and rewards:


• Life Insurance (sometimes called Death in Service) pays a lump sum if an employee dies


• Private Medical Insurance (PMI)


• Rewards such as discounts and vouchers for cinema tickets and gym memberships


• Critical Illness Cover • 24/7 GP Services.


There are plenty of additional benefits that can be arranged to ensure employees feel valued.


Visit: www.sound-financial.co.uk


July/August 2018 Chamber Profile 17


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