Does the employer have a responsibility to provide health cover and pensions to staff, or can they offer company cars with a clear conscience? Keith Luxon suggests factors to consider when creating a corporate employee benefits scheme.
In my opinion it depends on why you are offering benefits in the first place.
If it is to attract, retain and motivate employees then you need to design a package that meets the needs of your particular workforce. At the danger of getting into an age debate if they are relatively young then things like pensions are unlikely to appeal but holidays etc will. This changes over time and with social responsibilities.
It will also depend on what sort of culture you have and how long term you see the relationship between your employees and you. Again if its short term – maybe a few years – then pensions might be less relevant and gym membership more important.
Two suggestions…
Obviously the first one would be to look at one of the flexible benefits providers. They should be able to help you pull together a package that appeals to all sections of your workforce.
Secondly, if you elect not to go down the traditional benefits route of pensions and health care then make sure your employees are well aware of this; communicate what you are and what you are not providing. Consider some form of financial advice as part of your benefits package.
There is no magic formula that says firms have to provide X or Y range of benefits. Work out what you need to be competitive and do it.
***
View the original post:
Corporate responsibility on employee benefits
***
See more Member’s Tips:
