Employee Benefits Policies
Employee Benefits Policies
One of the most effective ways businesses can attract, retain and safeguard their employees is by providing them with valuable employee benefits. Some of the most important benefits to employees are life assurance, income protection and private medical insurance that not only protects the employees and their families but also contributes to the long-term stability and productivity of the firm. By setting these benefits out in a group arrangement, employers are able to provide quality protection at a reduced price; in addition, it will help to make them a respected employer.
Why Offer Employee Benefits?
Protection for Employees and the Business
Group life policies and income protection policies take care of the financial risk of the employees and their families in the case of death, serious illness, or long-term absence. This helps the employees to have peace of mind and does not affect the business financially in the long run, and it helps keep the business going and keep the morale intact, especially during the hardest of times.
Cost-Effective Group Arrangements
Group cover enables the business to get the premiums at a lower rate than individual cover. When many staff are covered by a group scheme, insurers often give a discount so that it can be cheaper to offer high quality benefits to all staff. Group policies may also be simple to administer and medical underwriting may be reduced.
Valuable Employee Benefits
The provision of life assurance, income protection and private medical insurance shows a sincerity in wanting the well-being of the employees. The advantages assist in engaging the best employees, minimising employee turnover, and enhancing job satisfaction. Your staff will feel more secure about the future of their health and wealth and will be more willing to work in your company.
What Types of Employee Benefits are there?
Life Assurance
Group life assurance pays a tax-free lump sum to an employee’s nominated beneficiaries if they die while employed. This benefit provides crucial financial support for families, helping them manage living expenses and future needs during a difficult time.
Income Protection
Group income protection gives a replacement income in case an employee cannot work as a result of illness or injury. This will provide the staff with a chance to concentrate on the recovery without fearing the loss of earnings and provide the business with minimal absenteeism and easy process of returning to work.
Personal Medical Insurance
Group private medical insurance enables workers the quick and high quality medical care with less waiting time and enabling an employee to go back to work faster. The employees have an opportunity to select among a variety of hospitals and specialists.
Additional Support: Employee Assistance Programmes
Ancillary benefits, such as employee assistance programmes (EAPs), offer extra support for staff and management. EAPs are confidential, giving information and support about a variety of problems, such as mental health, financial concerns, or workplace difficulties.
Get Expert Advice on Employee Benefits
Designing the right employee benefits package doesn’t have to be complicated, with the right advice, it becomes an advantage to your business. At Howard Wright, our specialist advisers will help you build a cost-effective, compliant, and tailored group benefits scheme that protects your team and supports your business goals. Call us on 0345 688 4939, complete our Smart Enquiry Form, to discover how we can help you attract, retain, and reward your employees more effectively.
Disclaimer: This article contains information from sources believed to be reliable but no guarantee, warranty, or representation, express or implied, is given as to its accuracy or completeness. Howard Wright Ltd does not undertake any obligation to update or revise any future statements. Past performance is not a reliable indicator of future results. Investments can go down as well as up and actual results could differ materially from those anticipated. This article is for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any person as such, the information contained in this article is not intended to constitute, and should not be construed as, investment or financial advice. Appropriate personalised advice should be taken before entering into any transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. Howard Wright Ltd is Authorised and regulated by the Financial Conduct Authority.
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