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Retaining your best people

Oct 08, 2013
James Malia, Managing Director of P&MM Employee Benefits, explains what is on offer to help companies keep their best staff from moving on, and why they should be investing more in employee benefits.

 


Why do business owners need to move with the times?

Employee benefits are now relatively widely established as part of the employment remuneration package and are becoming ever more important in employment strategies. Employees expect, as standard, benefits packages that help them maintain a certain lifestyle. In the moving industry in particular, where a lot of physical labour is required, they want to be able to strike a good work/life balance and expect their bosses to help them achieve this. That is where the new breed of employee benefits schemes are invaluable to businesses owners – and their staff.

 

Not only do employee benefits help employees gain greater satisfaction from their work, they also offer invaluable opportunities to save money. The workforce can reap the rewards, while at the same time business owners can make huge savings on National Insurance. More benefits mean a more attractive workplace for employees and make it easier to retain the most talented staff. Moreover, the more employee benefits a business puts in place, the more they help to improve the bottom line.

 

 

Employee benefits are seriously underestimated

It is essential for all business owners who have not yet done so to look into the advantages of benefits. Those who do are usually pleasantly surprised by the range and variety - and the cost; they are often cost neutral for employers.

 

Providing staff with the ability to enjoy activities that are important to them, or help them save money in their personal lives is far preferable to a small taxed cash bonus that is expensive for the business and underwhelming for the employee. Benefits can make a real contribution to lifestyle choices or leisure activities – creating that all important ‘feel-good’ factor which inspires loyalty.

 

 

So what’s on offer?

There is a huge range of employee benefits available, suitable for all kinds of businesses and many of these are low cost ‘off-the-shelf’ packages that take all the pressure off trying to manage the component benefits for business owners.

 

Off-the-shelf reward and benefit solutions mean that benefits schemes are now accessible. Flexibility in schemes such as the Essentials range means that different levels can be accessed and there is the added advantage of monthly payment plans and no long-term contracts or set-up fees.

 

For example, some of the benefits on offer through the Essentials range include money off at retailers, on holidays and cinema tickets, as well as gym membership; and salary sacrifice schemes such as childcare vouchers, cycles to work, mobile phones and extra annual leave.

 

 

Moving forward

Now, more than ever, is the time for businesses to start introducing employee benefits if they have not done so already. There are signs of progression in the economy and that means that very soon there will be much greater movement in the job market and the battle to keep or attract the best staff will heat up.

 

The up-turn in the job market means that the employer/employee dynamic is changing. Over the past few years employers have had their pick of the best talent, with more and more people leaving university with great skills and training unable to find jobs. Now that the doors of employment are opening again it is the turn of employees to pick and choose where they want to work.

 

Only the businesses that offer the most impressive packages to employees will be able to attract the top talent. It is therefore crucial for all ambitious businesses to offer the best working environment with the best benefits. 

 

Visit www.pmmemployeebenefits.co.uk for more information.

 

 

About the author

James Malia is the Managing Director of P&MM Employee Benefits; he has been working for the company for three years. P&MM is an award winning services agency that specialises in creating business to business and business to employee programmes that promote performance improvement.  P&MM maximise the potential of your employees, drive engagement with your channel partners and improve sales of products and services.

 

Photo: James Malia

 

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