The HR Forum

Benefits Review

Hi Everyone, 

I'm interested to find out what benefits similar companies offer to their staff to see how competitive/up to date we are. We're a small-ish family run business in the private sector (financial services) but have grown recently to around 140 staff and are recruiting a lot more skilled workers rather than entry-level, which is historically what we used to recruit.  We've found ourselves now competing with bigger companies so need to get out of the "small" mentality and see how feasible it is to compete with the other local businesses. 

Below are the benefits we currently offer - there is nothing additional for Managers or Senior staff, nor for asnyone with length of service (other than increasing holiday).

How does this compare to any other similar sized companies out there? 

 

* 22 days holiday increasing by 1 day per year to a max of 25 days

* Pension scheme (government auto-enrolment with standard % contributions)

* Childcare Voucher Scheme

* Cycle to Work Scheme

* Option to join Perkbox OR SimplyHealth after probation

* Support with professional studies (after 6 months)

* Car Sharing Incentive Scheme 

Thanks in advance for any input. 

Becky 

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Replies

  • Hi Becky 

    I think you have captured most of the key benefits offered by smaller businesses.  

    In addition to this I have found that Holiday Buy/Sell is a great flexible benefit that more companies are offering now.

  • Hi Becky

    As a comparison, we offer:

    - 25 days holiday plus 5 flex bank holiday + 3 fixed bank holidays

    -5% employer pension contribution

    -Childcare voucher scheme

    -Cycle to work scheme

    -Employee Assistance Program

    -Life Insurance (4x basic salary)

    -Medical insurance (taxable benefit)

    -Dental cover (taxable benefit)

    We have around 150 employees.

     

    Hope this helps.

    • Thanks very much Leanne, that's really helpful!  Out of interest, who do you use for your life and medical insurance (do you use a benefits provider or direct with an insurance company?).  I looked at these last year but it never got any traction so was something I wanted to pick up again this time around

      • We use a broker for all our insurance policies, so not directly with the insurance company. 

  • Hi Becky

    Sounds like you need to do some benchamrking in your area in terms of benefits.

    I've found a useful report as a starter for 10

    https://www.thomsons.com/media/1876/uk-employee-benefits-watch-2016...

    I hope this helps!

    Regards

     

    Sarah

    https://www.thomsons.com/media/1876/uk-employee-benefits-watch-201617-report.pdf
    • Thanks, Sarah. I've asked our recruitment agencies to look at how we compare against local companies so that will help as well, thought it would be useful to see what I could find on here too. 

      Thanks for the link - will have a read through!

      https://www.thomsons.com/media/1876/uk-employee-benefits-watch-201617-report.pdf
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