Employee retention and attracting top talent are the secret ingredients to building a business that not only thrives but stands out from the competition. And here’s the game-changer: salary sacrifice schemes!
If you want to bring in the best professionals and keep your top performers, focusing on your benefits package is a must. In fact, 65% of candidates consider benefits a crucial factor of a job offer and 70% of employees are more likely to stay if they receive fantastic offerings (1). So, what makes salary sacrifices so great?
1. Cater to All Aspects of Life
Salary sacrifices come in many forms, from savings on home and technology products to services like childcare or gym memberships and even booking holidays! Implementing a range of salary sacrifice options allows your people to access what matters most to them and covers all aspects of their lives. Providing an extensive range to your workforce will add significant value to their role whilst setting a clear example to prospective employees of the way you care for your team.
2. Support Your People Beyond the Workplace
Utilising salary sacrifices is a great way to provide bespoke benefits that support your people outside of the workplace. Salary sacrifices avoid a ‘one size fits all’ approach because your team can pick out exactly what they want when the time is right for them. Boost your employee’s morale and wellness by reducing financial barriers to everyday desires and essentials. Offering perks that can be customised to suit a professional’s needs, is a fantastic way to position yourself as a desirable company.
3. Offer Great Perks Easily and Hassle-free
Did you know salary sacrifices are an affordable option to upgrade your business’s benefits package? Many salary sacrifices are cheap to set up and easy to manage. As an employer, you can save money on National Insurance contributions by the reduced salary of anyone from your business who uses the scheme. Ultimately, this saves both employees and employers time and money while making your amazing team feel truly valued and supported.
With the rise of popularity in salary sacrifices, there’s never been a better time to implement them in your business!
References: Avado, 2024, ‘Employee Benefit Trends to Study in 2024’: https://www.avadolearning.com/blog/employee-benefit-trends-to-study/
