Mcallisters Chartered Accountants

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How to attract and keep employees?

As a business owner, you understand the importance of attracting and retaining top talent. Providing a comprehensive employee benefits package is a key way to reward your employees and encourage them to stay with your business. It can also be an effective tool to attract new hires. However, with so many options available, it can be challenging to know which benefits will have the greatest impact on your employees. In this blog post, we'll explore some of the benefits that UK employers can offer to reward and retain their employees.

  1. Pension contributions: Offering a workplace pension scheme can be a valuable benefit for your employees. It can help to improve their financial security in retirement, which can increase their loyalty to your business. Since the introduction of auto-enrolment, employers are required by law to contribute to their employees' pensions, making it an essential benefit for UK businesses.
  2. Private healthcare: The UK's National Health Service (NHS) provides free healthcare to all UK residents, but offering private healthcare as an employee benefit can be an attractive perk for your employees. It can help to reduce their waiting times for treatment, leading to a quicker return to work. It can also show your employees that you value their health and wellbeing.
  3. Flexible work arrangements: With the increase in remote working due to the COVID-19 pandemic, flexible work arrangements have become increasingly popular. Offering flexible working hours or the option to work from home can help your employees to achieve a better work-life balance, which can lead to increased job satisfaction and loyalty.
  4. Paid time off: Paid time off (PTO) is a standard benefit that most UK employees expect. You can go beyond the minimum legal requirements and offer additional days off for vacation, sick leave, and personal days. This can help to reduce employee stress levels and promote work-life balance.
  5. Employee recognition programs: Recognising your employees for their hard work and contributions can boost morale and help to retain top talent. This can include employee-of-the-month programs, bonuses, or even just a simple thank-you note. A recognition program can show your employees that you appreciate their efforts and value their contributions to your business.

It's also important to consider the tax implications of the benefits you offer. In the UK, pension contributions made by employers are usually tax-deductible, which can reduce the cost of offering a workplace pension scheme. Similarly, private healthcare can be provided tax-free up to a certain value, which can make it a cost-effective benefit for your business.

Just be sure to work with a tax professional to ensure that you're offering benefits that are both attractive and tax-efficient and you can create a workplace that employees want to be a part of and that benefit your business.

 

 

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McAllisters Chartered Accountants
Paxton House, No 11 Woodside Crescent
Glasgow
G3 7UL

0141 332 0392
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