Providing meaningful employee benefits to employees whilst being mindful of the financial implications to the business is a delicate balance.
Employee Benefits – what is appropriate for your business
Generation Employee Benefits were employed by a small gaming design company in West London to reduce the cost of their death in service.
The Company employed 16 staff and perhaps due to the nature of their work, the average age was 24.
The first question we asked was why the company had life insurance in place and what led them to believe it offered a meaningful and appreciated benefit.
On the surface this may seem like a strange question, but once discussed with a selection of employees, it was ascertained that only one employee had dependants and the remaining (although appreciating it was a nice to have) didn’t need or actually value the life cover.
The one employee with dependants was at Senior Manager level. Generation Employee Benefits arranged a single life policy for the Manager, cancelled the group life insurance and implemented a voluntary benefits hub, with a shopping and gym discount structure. We were also able to negotiate a loyalty discount at a local eatery which many of the employees regularly visited.
This is an unusual example, but one which proves that ensuring the correct package will deliver a better experience for employees.
Happy company, happy employees!
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