Welcome to the Allsave Benefits news page.
Please click below to see the latest edition of our White Paper series looking at discount benefits and how they can be an integral part of your employee benefits package.
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Tax efficient benefits blog
In a time when we all seem to encounter rising costs on a daily basis, the business arena is becoming more competitive and margins are being reduced. Attracting and retaining top talent for your organisation whilst keeping on budget is a challenge faced by HR departments across the nation.
Equally, we know that prospective employees consider more than just the basic salary when searching for a new role in 2015. Many post graduates will have spent more than £60,000 attending university, only to then slog through many low paid appointments as an intern or office temp, just to earn the right to enter their chosen career. Other more experienced workers will have spent years building a career path moving through various roles with opportunities to demonstrate their skills and create a full CV.
Prospective employees need to feel that the ethos and culture of the company is aligned with their personal and professional values and are likely to consider a remuneration package as a whole, rather than a competitive salary alone. Many employers may feel that, with limited budgets they are unable to provide these - but there are a whole range of tax efficient benefits available that organisations can offer employees.
Allsave’s range of salary sacrifice benefits encompass cycle-to-work schemes, childcare vouchers, car leasing, heath screening, technology and gadget purchases, plus many more. These mutually beneficial schemes work by saving a combination of National Insurance and tax for both employers and employees. This means that employers will in fact save money by providing tax efficient benefits, allowing for investment in other, paid for benefits, such as shopping discounts costing a few pounds a head but which could save your employees hundreds if not thousands of pounds a year. This attractive benefits package adds value to a competitive salary and further enhances an employer’s ability to attract and retain talented people.
Creating the right benefits package through offering a combination of benefits can not only save employers plenty of cash and fund additional benefits, but it can really engage existing staff and be the difference for new employees when joining your company.
It is important to remember when creating a benefits package for your organisation to think about your workforce and your company values. There is no point offering childcare vouchers if you have a particularly young and/or childless workforce. Equally, you may not feel comfortable offering a car leasing scheme if you are a company which particularly promotes eco friendliness. Create a package which is individual to your organisation and the values your company encompasses.
Don’t have any benefits in place? Then look to introduce one or two benefits, gauge response from employees and build upon that to create an amazing benefits package that employees will be raving about.
Already have a benefits package in place? Then assess and review take up of the different benefits you offer, it maybe that you are missing something entirely, or that you can look to swap a benefit that is not being used to something that would be really beneficial to your workforce. Your benefits provider may be able to provide you with engagement statistics to help you review the effectiveness of the benefits that you already have in place.
Listen to your employees. Take the opportunity to ask for opinions and feedback to evaluate what is working and what could work better. It does not mean that you have to follow the results of any survey or poll entirely, but it may give you a better indication of what your employees are looking for when introducing new benefits and shows your employees their opinions are considered and valued.
In the current sphere, the fact is that in an ever competitive environment, a benefits package can be used to meet the needs of the workforce and make them feel supported both inside and outside of work, however this does not have to correlate with big investment or rising costs - it can be done on a minimal budget. By using tax efficient benefits, you can create a package which will save both you and your employees’ money, and use your cash to re-invest and build up the total benefits package that your organisation offers.
This will not only help you attract and retain talent, but with a lift in morale, your employees will be singing your praises too, and that can’t be a bad thing, can it?
Health Screening White Paper
Please click below to see the latest edition of our White Paper series looking at health screening.
EAP White Paper
Please click below to read our EAP White Paper discussing the benefits of having an employee assistance program for your work force.