Employee benefits programs are no longer solely the domain of large, multinational companies. Rather, employee benefits are becoming increasingly recognised by small and medium sized businesses as a key component of a firm’s competitive advantage. In this post we consider how employee benefits can work for SME’s and why they should form part of every business’s strategic plan.
Why are employee benefits important to a business?
Quite simply, attracting and retaining top flight staff is becoming increasingly difficult. Globalisation means talent can look beyond Irish shores if opportunities at home don’t meet their expectations. Like it or not, people are what makes a business and they are integral to business growth, so if Irish businesses are serious about growth they need a competitive recruitment and human resources strategy.
How can employee benefits help my business?
Employee benefits are among a number of offerings a business might use to lure prospective talent, alongside an attractive culture and brand. Employee benefits however can make a real difference to an employee’s financial situation, both in the short and long term. As a result, research shows employees enjoy greater satisfaction, are more productive and have more commitment to their role and their employer. They are also more likely to remain in their role, saving the company the cost of downtime, recruitment and training. Ultimately, a positive and committed workforce will help propel their company to the next level.
What types of employee benefits can I offer?
Employee benefits include pension plans, private medical insurance, dental insurance, and cover for income protection, life and serious illness. It is important to take time to review your staff cohort and what types of benefits they will value. While life cover may not be particularly attractive to a young workforce, most people understand the significance of planning for retirement through a pension plan. Your financial advisor can help you identify the most fitting benefits for your staff while ensuring that the benefits are legally compliant, meet industry best practice and are easy to run – while developing a strong investment strategy that considers appropriate tax planning, advisory services and an appropriate degree of risk.
I am a small business / start-up and can’t afford employee benefits.
While an employee benefits scheme will increase your staffing costs, it has the potential to add considerable value to your bottom line. Happy, productive employees fuel growth, business reputation and security, while nonchalant employees are less likely to go the extra mile your business needs to propel itself to the next level. If growth is important to your business it is worth reviewing your strategy to see where your money is best invested for long term business prosperity.
Will employee benefits take much of my time to manage?
At Hennelly Finance, we can manage your employee benefits program from start to finish. That means that not only do we set-up your program in alignment with your business and employees’ needs, we can maintain the program for you by acting as an outsourced human resources department. Hennelly Finance is available to answer your employees’ questions, support claims and even offers an advisory service to help them achieve their financial goals. As a result, your business reaps the benefits of the employee benefits program without having to lift a finger to set it up and manage it.
How can I find out more about an employee benefits program for my business?
Hennelly Finance offers extensive expertise in employee benefits programs having established and managed programs for many companies throughout Ireland. Why not give us a call to see how we can help you make the most of an employee benefits program in your business?
Already have a program in place? We’d be happy to review your program to see if you’re getting the best value you can be. Give us a call today on 091 586500 to find out more.