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3 Reasons to Boost Your Employee Benefits Offerings in 2020

Achievers

For 41 percent of small business employees, benefits are crucial when accepting a new job, second to salary. Free food or drinks. A matching 401(k) or pension. Today, unemployment rates are at a historic low, so many workers now have the freedom to choose where they want to work. Company-sponsored rewards or gifts.

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Mexa Solutions goes beyond pay to support everyday financial wellbeing

Employee Benefits

The firm also funds an independent financial adviser (IFA) who helps to raise knowledge on a variety of topics, including savings, pensions, mortgages and investments. Don’t wait until they are looking to leave, be aware of their worth in the market and ensure the salary you offer is a true reflection of the current economic climate.

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Supporting everyday financial wellbeing in a changing economic climate

Employee Benefits

Employers are experiencing increasing demand from employees for salary rises because of the pressures on everyday financial wellbeing, such as the ever-rising cost of living , inflation and interest rates. This helps them create positive, long-term changes to their short and long-term financial wellbeing ,” he explains.

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Taking control of your finances in 2023

Employee Benefits

Downshifting can typically cut grocery bills by 30% so for a person who normally spends £60 a week on food, this could be cut down to roughly £40. They should try to aim for 3-6 months of their salary if possible and it is often a good idea to set up a standing order for saving rather than waiting to see what is left at the end of the month.

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How is the cost-of-living crisis affecting what employees want from their benefits packages?

Employee Benefits

Many providers of existing benefits, such as pensions , will have education modules to increase awareness of the financial provisions on offer. Financial education and wellbeing For those employers wary of hiking pay to unsustainable levels, the alternative might be to bolster their approach to financial education and wellbeing.

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Benefits on offer at the Eden Hotel Collection

Employee Benefits

The benefits offered by the Eden Hotel Collection: Pension Group personal pension for all employees, with a 5% employee and 3% employer contribution. Salary sacrifice electric car scheme. Discounts on food, beverages and spa. Healthcare and wellbeing Health cash plan for all employees, employee-paid. Wellbeing platform.

Pension 59
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Ant Donaldson: How can employers encourage staff to save money?

Employee Benefits

For example, 11 million adults have under £1,000 in savings, according to the Resolution Foundation; UK adults’ average unsecured debt was £3,797 in 2022, according to The Money Charity; and two in three UK employees are refused bank loans, while one in three run out of money before payday, according to Salary Finance.

Pension 59