SOLUTIONS LAB


THE


Kyle Addy


VOLUNTARY BENEFITS DIRECTOR, BENNI


Challenge: Incentivising Employees


Flex your muscle with voluntary benefits


The world of work is changing. Those employers looking to attract and retain the brightest talent are being challenged to keep pace with the demands of an increasingly diverse workforce. Kyle Addy, Voluntary Benefits Director at Benni offers top tips on how to use voluntary benefits to align with your employee support strategies in order to attract and retain the brightest stars


For SMEs, voluntary benefits can help to meet this need by enabling them to offer a wide selection of benefits and perks without breaking the bank, while helping them to compete with the benefits packages sometimes offered by larger companies. Voluntary benefits are optional benefits


like dental insurance, critical illness insurance and life insurance, that employers offer but are paid for by the employees. The costs are usually deducted from the employee’s salary for convenience. They can also help to drive staff


retention by giving employees financial and health security for themselves and their families. By offering these perks and benefits via the workplace, employees are provided with a convenient way to choose the benefits and perks they want helping to eliminate the stress of having to research and arrange multiple services in their own time.


Beat the competition UK businesses are locked in a battle to win the brightest talent, with the Business Barometer Report finding 91 percent of businesses have struggled to recruit skilled personnel. It’s assumed smaller businesses cannot


compete with the resources and higher salaries of bigger competitors. However, they can still offer tailored incentives, which many employees find just as appealing. For example, an SME employer may be


able to offer their employees a core level of life insurance, with employees voluntarily opting to top up the level of cover or choosing different benefits and perks that more closely fit with their current life stage.


26 SME MAGAZINE


A tailored strategy The modern workforce is more diverse than ever, with employees of varying ages and nationalities bringing their expertise to the table. Diversity is a powerful tool for helping


business widen their understanding of clients, problems and solutions, giving companies a better world view. However, it can bring its own challenges when trying to find an employee benefits package that works for all staff. Employees at different stages in their


lives often desire different benefits. SMEs offering voluntary benefits enable employees to pick and choose the insurance or discount deals relevant to them, helping ensure they value their package.


Shout about it Even the most effective employee benefits scheme won’t reach its potential if employees don’t know it exists or understand how to take advantage of it. Consider how different employees


like to receive information. Some prefer to read up on company benefits via email or look at a total reward statement online, others may want a more personal approach, such as a face to face meeting with either their line manager or a representative from their benefits provider. However you choose to communicate


your perks and benefits – and it will differ from company to company – regular communication is the key to ensuring your employees know about, understand and value the benefits and perks on offer. ■


www.smeweb.com


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28