Employee Advantages to Implement to Keep Happy Employees
As entrepreneurs, we are always looking ahead and planning for the future of our businesses.
How do we increase our sales pipeline? How do we plan for future cash flow dips? How do we improve our brand?
But as a business owner, emphasis also needs to be placed on creating the right kind of environment for employees to thrive. There needs to be a constant review of the internal processes to make sure that work flows are planned correctly and efficiently carried out. This will reduce spending hours on unnecessary jobs; thus, reducing the chances of having to work overtime and building a culture of staying after hours. This in turn means employees are productive and continuing to produce their best work.
Process documents can be drawn up for all tasks, even those little ones that you take for granted, such as how to take a telephone call from a prospective client or how to introduce yourself on email to a new customer. This will ensure that when the time comes to expand the team, any new employees have a bank of valuable information to rely on to make sure they are up to speed in no time.
Constant reviews also mean that employees have the chance to provide feedback to you or the management on their suggestions for improvement. Building an atmosphere of transparency and openness empowers the individuals and creates a sense of responsibility for them to really feel attached to their job.
And of course, treat the employees! This could be in terms of regular social events – ask them to organise company days out – or in terms of benefits to sit alongside their remuneration. Did you know there are now life insurance plans available, which if put in place correctly, can result in more favourable tax treatment than if the employee purchased life insurance or critical illness cover themselves.
As long as HMRC are satisfied that the premiums are being paid ‘wholly and exclusively for the purpose of the business’, they should be treated as an allowable expense for taxation purposes.
Also, the premiums aren’t usually treated as being further income paid to the employee or as a benefit in kind (P11D). This means that neither the employer nor the employee has to pay National Insurance contributions on the premiums.
What’s more, it’s an excellent way for employers to provide a valuable added benefit to their employees and a useful tool in recruitment and retention.
[Read about the Cycle to Work Scheme and how it can be an added benefit for employees!]
Remember happy employees means happy clients which is the key to the success of your company.
To find out more about employee benefits or life insurance plans, just get in touch with SRK for a free consultation. We are happy to help.
Join us to learn how to remain certain and business secure in an uncertain economy!
Thanks for reading! If you have any comments, please submit them below.