The cost-of-living crisis has meant that for many, tightening our belts has become a way of life. Although we often associate this term with our everyday lives, employers will also feel the impact within the workplace. As wages and associated costs for employers have increased, you may be thinking about how this affects employee benefits. The provision of such benefits may therefore need to be adjusted to keep up with the times. In addition, any adjustments need to be carried out in a cost-effective manner. This is where having some employee benefit ideas you can implement as and when required can be useful.
Please note that benefits including holiday allowances and pension contributions are required by law. As such they do not fall under the umbrella of “benefits” for the purposes of this article. However, if you as an employer offer enhanced holidays or pension schemes, these can be considered as benefits.
Improving employee positivity
Some ideas of employee benefits that should help to improve positivity, well-being and morale (without breaking the bank) include ideas such as giving the option of additional holidays. Although holidays do come at a cost to a business, a way to reduce this would be to allow employees to “buy holidays” should they wish to.
You may also want to consider the implementation of discount schemes or employee assistance programmes. This gives staff easy and ready access to advice and support and even counselling should it be required. These can provide a significant benefit to employees whilst remaining cost-effective.
Employee reward and recognition
Other ideas include allowing employees to participate in charity days or hosting social events and award ceremonies within the workplace. Our recent “Reward and Recognition” blog may be advantageous to read. This blog will give you different ideas as to how you can both reward and recognise the achievements of your staff.
As always, if you have any questions on anything you’ve read here when it comes to employee benefit ideas (or any general business-related query), please do get in touch. One of the team will get back to you as soon as we can.
