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Ask the expert

1 June 2022

Every month one of our team at Corinthian Benefits answers a question from an employer, or employee, seeking clarity on pensions and benefits. If you have something to ask our team, submit your question to [email protected]

As an employer, I am seeing the costs of everything go through the roof. For my business to survive, I do need to keep and attract great talent. Can employee benefits help and can I afford them?

So – are employee benefits worth the investment?

When you are a business owner, one thing that you won’t want to have to do is spend too much money on something that you may not think are a worthwhile investment. You may not always need many things when it comes to running a successful business, but there are also equally some things that are 100% must-haves.

A great team working for you is just one example of this. For your business to survive, especially in a competitive world, you need the right people working for you, which means that you need to find a way to attract the best talent to your business.

There are several ways that you can do this. However, one that you should never underestimate is employee benefits.

So, why are employee benefits worth the investment, and can you really afford them?

The perks of having employee benefits

The first thing that we need to look at, is what exactly are the advantages of having employee benefits on others within your business? Of course, the main reason has to be that it rewards those staff members who work so hard for your company.

For you as the employer, it helps you to appeal to the best talent out there on the job market. When you show that you care about the people who work for you, then those looking for the best place to work will want to work with you.

Not only this, but when they start to work for you and know that these great employee benefits will continue, they are much more likely to want to stay with you, meaning that you retain your staff.

Can I afford it?

The next question is whether or not you can afford to pay out for employee benefits. The answer to this is yes. However, you may want to be able to work this out for yourself.

Look at it this way. The cost of recruitment is enormous, not only the obvious costs but also those you may not always think about. This applies to what you need to pay out to bring in the potential candidates and what you may lose in the staff member ready to move on to something new.

They are likely to take time off to head to interviews for new jobs, but they also may feel unmotivated and dis-engaged whilst they work and, therefore, be less productive.

If you are not sure whether or not this is a cost you can pay out, then why not come and see us here at Corinthian? We have put together our very own staff turnover calculator which is designed to weigh up the cost of employee benefits against the real impact of having them in place.

We hope that it shows you that not only are employee benefits something that you should do but also that they will be much more cost-effective than you may realise.

If you want help, please don’t hesitate to email: [email protected], or call: 0208 189 6100