Without doubt, the current priority for most businesses is their planning for ‘auto enrolment’ or the integration of new systems, having already completed the employee enrolment process and achieved compliance with the government’s workplace pension reforms.
These priorities are understandable given the potential fines that can be levied by The Pension Regulator for non compliance but it is also important that organisations of all sizes keep their other employee benefits under review and continue to consider new approaches to enhance the retention and recruitment of current and new talent.
Choice and flexibility in benefits and working arrangements are increasingly seen as key motivators for employees. The introduction of a full flexible benefit scheme can meet some of these demands but these can come at significant cost to employers. An alternative is to provide employees with access to voluntary benefits which provide the flexibility they are looking for at little or no cost to the employer.
Voluntary Benefit schemes offera range of discounted products and services which the employees can choose and then pay for through payroll deduction which is tax efficient. The typical benefits offered under these type of schemes can include:
- The buying and selling of holiday entitlement
- Childcare Vouchers
- Dental insurance
- Health Screenings
- Gym Membership
- Dining out vouchers
- Wine clubs
- Mobile Phones
- Health Cashplans
- Discount vouchers for high street retailers and supermarkets
- Personal Insurances including travel, car, home
- Share save or save as you earn
- Critical illness insurance
Typically, employers offer a range of these benefits and these choices are determined through surveying employees.
The cost to the employer of introducing these benefits is very low and the administration is online between the benefit provider and the employee directly. The employer then receives details of the deductions that should be made from monthly payroll.
If you are considering the implementation of any of the above, or would like to take advantage of a free review, Wingate Benefits Solutions is here to assist you with all aspects of your Employee Benefits offering. Should you wish to discuss this or any other such matter please contact your Wingate Benefit Solutions adviser on 0844 406 0027.
Tax and legislation are liable to change. This information is based on Wingate Benefits Solutions’ current understanding of UK law and HM Revenue & Customs practice and legislation. No guarantees are given regarding the effectiveness of any arrangements entered into on the basis of the information contained herewith. It is recommended that professional advice is sought prior to entering into any financial arrangement.