Benefits

Getting benefits right is a big deal, particularly given that the international jobs market is more competitive than ever. If you’re struggling to attract overseas candidates, here are five steps to make your benefits package market-leading in every location.

The best employers know that focusing on salary alone will only get you so far. You also need to create loyalty amongst your people. This is why employee benefits matter. They provide the support that impacts all aspects of people’s lives – our health, our happiness, our family, and even our future.

Your employee benefits tell a story about what kind of business you are and how you value your people. If you get your benefits package wrong, you could miss out on the best hires or lose existing team members to the competition.

All evidence suggests that the remote work revolution is here to stay. The vast majority of employees now expect the chance to work remotely to some capacity and if they don’t get what they want, they’re prepared to turn in their resignation and move to a more accommodating employer.

Savvy businesses know that to attract and keep hold of employees they need to set themselves apart from the competition – easier said than done in today’s increasingly remote-first working world, where people can work for pretty much anyone, anywhere.

Against the backdrop of an ultra-competitive jobs market, it’s no surprise employers are looking toward what constitutes a progressive employee benefits package as a way to attract and retain staff. So, what should a competitive employee benefits package include?  

Building a UK employee benefits package from scratch can feel quite daunting. After statutory benefits are sorted, you have to decide which additional benefits to offer. You will have to determine which benefits have the highest ROI while enhancing the employee experience and company culture.

When we talk about benefits, it's important to make a distinction between those which are simply a top-up of statutory benefits and perks that have a monetary value. Perks, also known as benefits in kind, represent extra taxable income and often require additional taxation. 

There is no easy answer to figuring out what benefits UK employers should be offering. It will depend on what is important to you, what your budget is, and what matters to your people. Having the answers to all of these questions, you will be in a better position to find the right solution for you.

An extensive guide on how benefits in kind tax works around the world, when employees are exempted from it, how companies can offset it, and how to file benefit in kind taxes accurately for your employees.

A benefit in kind is any non-cash benefit of monetary value that an employer provides to employees. Unlike statutory benefits, which are mandated by the government, benefits in kind are something that a company offers at its own will.