3 Fast-Growing Employee Benefits You're Probably Overlooking
The world of work is changing, and so are the benefits that employees value. If you're looking to attract and retain top talent, it's time to think beyond the traditional healthcare and pension plans. Here are three fast-growing employee benefits that are gaining popularity in the UK, and you might be missing out on:
1. Caregiver Employee Benefits: Supporting Work-Life Balance
Juggling work and caregiving responsibilities can be a real challenge. Whether it's caring for children, elderly parents, or other loved ones, employees often find themselves stretched thin. That's where caregiver benefits come in. These benefits can include:
Backup care services: Providing temporary care when regular arrangements fall through.
Flexible work policies: Allowing employees to adjust their schedules or work remotely to accommodate caregiving needs.
Caregiver insurance: Financial assistance for unexpected caregiving expenses.
Educational resources and support groups: Helping employees navigate the complexities of caregiving.
By offering caregiver benefits, you can foster a more supportive and productive work environment, leading to increased employee loyalty and reduced absenteeism.
2. Fertility and Reproductive Health Benefits: Empowering Women's Choices
Women's health needs are unique, and traditional healthcare plans often fall short. Fertility and reproductive health benefits can help bridge the gap by providing coverage for:
Fertility assessments and treatments: Including IVF, egg freezing, and other assisted reproductive technologies.
Reproductive health support: Addressing conditions like endometriosis, PCOS, and menopause.
Family planning services: Offering resources and support for adoption and surrogacy.
Mental health resources: Providing counseling and support for individuals and couples facing reproductive health challenges.
Investing in fertility and reproductive health benefits demonstrates a commitment to inclusivity and empowers women to make informed choices about their health and family planning, leading to a more engaged and satisfied workforce.
3. Electric Car Employee Schemes: Driving Sustainability
With the growing focus on sustainability, electric car employee schemes are becoming increasingly popular. These schemes typically involve a salary sacrifice arrangement, where employees give up a portion of their pre-tax salary in exchange for the use of an electric vehicle. The benefits are numerous:
Tax savings: Employees can save on income tax and National Insurance contributions.
Lower running costs: Electric vehicles are cheaper to fuel and maintain than traditional petrol or diesel cars.
Environmental benefits: Reducing carbon emissions and contributing to a cleaner planet.
Attracting eco-conscious talent: Demonstrating your commitment to sustainability.
Electric car schemes benefit both employers and employees, promoting financial well-being, environmental responsibility, and attracting top talent.
Conclusion
In today's competitive talent market, offering innovative and comprehensive benefits is essential. By considering these fast-growing options - caregiver benefits, fertility and reproductive health benefits, and electric car schemes - you can create a benefits package that truly supports your employees' diverse needs and sets your company apart.
ilumiti has a vast partner network and can help you introduce and tailor a unique benefits package to support your people - get in touch to find out more.
