Client
Portal

Where to Start with Employee Benefits?

Back to News & Views

Margins can be smaller than for larger enterprises, so the question of how to keep both financial equity and employee motivation is crucial to the company’s health and sustainability.

A new annual report from the CIPD – UK Working Lives: The CIPD Job Quality Index – seeks to review, understand and measure what it is that makes a workforce content.

Job quality

Compiled alongside YouGov, the survey targeted 6,009 workers.

It found that overall, work has a positive value on people’s lives. Almost half (47%) do not think that ‘a job is just a way of earning money’, whereas 34% agree with the statement. More than half (59%) say they would enjoy having a paid job even if they did not need the money1.

“While the overall findings suggest reasonable satisfaction with work and the jobs people do,” says Peter Cheese, Chief Executive, CIPD, “there are significant underlying systemic issues which we need to address.”

The survey found that 64% of people were satisfied with their job overall – while just 18% stated that they were dissatisfied2.

Despite this, there were various issues picked out across the topics of pay and benefits; terms of employment; job design; social support; health and wellbeing; work-life balance; and representation.

The key factors

The survey found that health and wellbeing is the single most important aspect of job quality in terms of key outcomes3.

Tied to that, away from pay and pensions, the most valued benefit is health care and insurance (ranking ahead of softer benefits such as social, transport and technology perks4).

Unsurprisingly, satisfaction over pay is a sliding scale – senior managers are the most satisfied with their remuneration (58%) while semi-skilled, unskilled and casual workers are the least satisfied (33%)5.

Where to start

Pay and pensions will always be powerful motivators for any workforce. But it is far from a fix-all solution for SMEs to simply up salaries across the board.

Recent changes in employment legislation have already forced employers to pay out more to workers. The British Chambers of Commerce found that 4 out of 5 UK businesses have seen staff costs rise. 75% saw increases as a result of pensions auto-enrolment; 50% due to the National Living Wage and 20% because of the Apprenticeship Levy6.

For SMEs, that can be a big price to pay.

Considering the high priority placed on health and wellbeing by employees – and health and insurance in particular – a more efficient way of boosting job satisfaction and increasing that job quality index score could be to focus on employee benefits.

As a starter, Group Income Protection is a wide-ranging option for employees, funded by an employer’s manageable monthly premiums. The coverage helps employees when they need it most – when they are unable to work through sickness or injury, as well as offering rehabilitation support.

And the coverage can be tailored according to the company’s financial means. Options include, but are not limited to:

Employee benefits take care of employees’ health and wellbeing, while keeping costs for employers manageable and consistent – a true win-win for SMEs.

You can find out more about Employee Benefit options, including how to get a quote, here.

Sources:

1,2,3,4,5 CIPD. (2018). UK Working Lives: The CIPD Job Quality Index, p5-43

6 BCC. (2017). Workforce survey 2017

Book your FREE, no obligation discussion today. Schedule Appointment

Sign Up to our mailing list - Receive regular news, tips and financial commentary from the Gemini Team.

Latest News

  • In the ever-evolving landscape of retirement planning, a significant shift is on the horizon that could potentially impact when you can access your pension funds. The normal minimum pension age (NMPA), or the age at which you can start withdrawing from your pension savings, is currently set at 55. [...]

  • In today’s fast-paced world, the concept of retirement often takes a back seat. For many, it remains a distant reality, mired by uncertainties and apprehensions. However, planning for retirement is an essential aspect of financial planning, which warrants attention from an early age. [...]

  • The challenge of managing bills and other financial obligations while simultaneously saving for a pension may seem daunting. However, it is certainly achievable with the right planning and timely action. The sooner you start, the more advantageous it could be if you contribute to a defined contribution pension. [...]

  • Significant life changes, such as getting married, having a baby and buying a property, are key times to consider protecting your family’s future. Life insurance assures that your loved ones won't face financial stress in your absence and this peace of mind is not confined to those earning an income. [...]

  • Recent studies indicate that approximately half (49%) of non-retired Britons plan to extend their working lives beyond the age at which they'll receive their State Pension[1], equivalent to approximately 19.2 million individuals[2]. [...]

  • The world of financial markets is a fascinating and ever-changing landscape. Much like the weather, the climate of these markets can shift rapidly. One moment, everything might be calm and sunny, with investors full of optimism and bullish about the future. Then, a storm may roll in the next moment, causing the same investors to scramble for cover and reassess their strategies. [...]

  • In the unfortunate event of one’s passing, there’s a possibility that HM Revenue & Customs (HMRC) may levy an Inheritance Tax (IHT) bill on the deceased’s estate. The estate’s total value determines the sum due after deducting any debts and applying all possible thresholds. Two thresholds that come into play are the nil rate band (NRB) and the residence nil rate band (RNRB). [...]

  • Navigating the world of pensions can be challenging, particularly when you’ve participated in various schemes or shifted jobs throughout your working life. Pension plans may close, merge or change names as time progresses, adding to the complexity. It might have been rebranded even if you recall your scheme’s original name. [...]

  • 2 weeks ago

    A recent study has identified an alarming discrepancy in financial confidence between genders. It shows that women are 33% more likely to confess to a lack of understanding about their pension operations[1]. This gap in comprehension could be a potential reason why some women seem less inclined to engage with pivotal financial products that promise better future outcomes. [...]

  • The dream of early retirement is alive and well among the younger generation. Still, to realise this dream, they must prepare to bolster their pension savings by an estimated 15%. A recent study has revealed that approximately one-fifth (17%) of youthful savers aged between 22 and 32 aspire to retire before reaching 60. Intriguingly, 70% anticipate retiring before the present State Pension age of 67[1]. [...]

  • Living a healthy lifestyle over a prolonged period significantly reduces the risk of developing various diseases as we age. This concept is rooted in the idea that our daily habits and behaviours profoundly impact our long-term health outcomes. [...]

  • Securing your family’s financial future is a multifaceted responsibility beyond merely accumulating savings and making long-term investments. It encompasses the creation of a comprehensive plan that ensures the wellbeing of your loved ones, even in the face of unexpected adversities. [...]

Gemini Wealth Management Ltd is Authorised and regulated by The Financial Conduct Authority Registered in England & Wales No. 5919877 Registered Office: Gemini House, 71 Park Road, Sutton Coldfield, West Midlands B73 6BT The Financial Conduct Authority does not regulate tax and trust advice, will writing and some forms of buy to let mortgages. The guidance and/or advice contained in this website is subject to regulatory regime and is therefore restricted to those based in the UK.

Website by Mellow Marsh Software
© Gemini Wealth Management Ltd
Important Documents | Cookie Policy