Group Employee Benefits Back
With the Auto Enrolment staging periods coming to an end over the next year or so, you may be thinking ‘what other benefits can I provide for my employees?’ This is a question that will become very pertinent in the near future when it comes to staff retention and attracting new talent. In times gone by, a workplace pension was been considered a great benefit for staff. However, now this has become compulsory for employers to provide, what else is on offer? What other Group Employee Benefits could you consider for your business?
Group Life Insurance
Arguably, the most popular benefit out there due to its low cost and that it provides perhaps the most valued benefit of all; life cover. Everyone wants to make sure their family is looked after upon death or a legacy is left to loved ones for funeral costs. This is a low cost way to ensure you can do this for your employees and depending on the level of cover, there is no rigorous underwriting involved.
Private Medical Insurance
This benefit comes in many shapes and sizes and can suit all budgets. Private Medical Insurance means your employees can beat the NHS waiting lists and receive the treatment that they require faster. This is a fantastic offering not only for your employee as their road to recovery is faster but also great for your business, as your employee will return to work sooner.
Group Critical Illness
This will pay your employees a lump sum if they are diagnosed with a critical illness. Again, this is a valued benefit as it looks after your employee and their family through what will no doubt be a very difficult time. It covers a wide range of critical illnesses including certain cancers and heart attacks.
Group Income Protection
Some businesses use Group Income Protection as a replacement for sickness pay. This cover is designed to pay your employee an income if they are unable to work due to accident or sickness. This can be very valuable to your employee, as it ensures they can pay the bills if they cannot fulfil their duties. It can also save your business money as whilst there is an annual cost of the policy, you may find it is more cost effective than paying sick pay.
Why choose Pavey Group?
We believe it is essential that we first gain an insight and understanding of your business and therefore offer all our clients the opportunity of an initial informal discussion at our cost. During the meeting we will encourage you to share details regarding ownership, succession planning and future aspirations for your business. It is of huge importance that we understand your future objectives as well as your current situation and requirements; our advice is totally bespoke to you and your business.
Pavey Group are authorised by the Financial Conduct Authority as an Independent Adviser, which means that our advice is unbiased, unrestricted and based upon a comprehensive and fair analysis of the relevant markets. We have spent many years catering to the needs of businesses and tailoring Group Employee Benefits to suit their requirements.
To arrange a complimentary consultation, please contact our Independent Financial Advisers on:
0800 038 9733