Company Benefits - suggestions

[Timja]

My work is reviewing the benefits it offers employees. The below list is being considered but we can feedback with suggestions so I wondered if anyone works for a company that offers benefits which you think are great and worth suggesting?

Already benefits: salary sacrifice pension, cycle to work, free physio, extended notice incentive, death in service

Being considered: Techscheme (salary sacrifice for tech), Holiday buy/sell, private medical insurance, electric car scheme, gym discounts, 9 day fortnight (work longer hours for 9 days, get 10th off).

Can anyone suggest any others worth putting forwards that you feel are real benefits?

[Scrump]

Critical illness cover.

[Dog Star]

My place has standard items like private medical, death in service etc but has also got a “menu” where at year end you can choose other stuff - I avail myself of dental and “buy” 5 days more holiday (you can sell them).

There’s other stuff like C2W, electric car etc too, but for me the biggie is dental.

[Timja]

Is that a private dental scheme? So you get 2 dentist visits, 1-2 hygienist and covers you for work required (or a discount on cost) etc?

[agent006]

Timja said:

Already benefits: salary sacrifice pension

What percentage does the employer contribution go up to?

[Mont Blanc]

Full cover for private medical/BUPA is absolutely No 1 on everyone's list right now.

My wife's work has it already, which covers our family, but my work is now beginning the process to offer it as well.

Whenever I see employee surveys about benefits, private medical is always at the top. The NHS is absolutely falling to bits and I wouldn't trust it to provide adequate treatment if me or my family became ill. I appreciate companies offering private medical push us ever closer to the American model, but what can you do?

[Timja]

agent006 said:

What percentage does the employer contribution go up to?

I believe range is 8%-12% depending on how much employee puts in (and possibly depending on level/date joined).

[zedx19]

Mont Blanc said:

Full cover for private medical/BUPA is absolutely No 1 on everyone's list right now.

My wife's work has it already, which covers our family, but my work is now beginning the process to offer it as well.

Whenever I see employee surveys about benefits, private medical is always at the top. The NHS is absolutely falling to bits and I wouldn't trust it to provide adequate treatment if me or my family became ill. I appreciate companies offering private medical push us ever closer to the American model, but what can you do?

Which is great, if your employees are happy to pay the tax for the benefit, many won't want to. Many people don't fully understand Private Medical either, they think they'll be able to get a fancy private room in a private hospital whenever they need anything, which they won't.

We've introduced Medicash, which is a much smaller taxable benefit but enables employees to claim back things such as dental, eye tests, glasses, stays in hospital get payouts etc.

What we've found is employees will be less likely to opt in to benefits if there's a negative affect on their take home pay.

[phpe]

Long term sick pay/income protection plans/policies that go beyond say 6-12 months.

Critical illness policies as well as covering family members/children - how much would an employee value a lump sum payout to help with time out of work if their kids had leukaemia treatment or similar?

[The Leaper]

In addition to all the above mentioned:

Employee Share Purchase Plan
Discounted purchase price for company products
Commuter cost (eg season ticket) loan scheme
Annual medical check up
Flexible pay/benefit options

It is really going to depend on how competitive your employer wishes to be taking into account what is typical for its business, location etc.

R.

[fourstardan]

Sounds grim but death in service makes me feel half ok that my family would get some level of wodge if I passed out between 8 and 4pm Monday to Friday.

[worsy]

CheesecakeRunner said:

This is what we (global IT consultancy) get ti choose from. Company gives us an uplift on our salary which we can choose to spend on whatever benefits we want, or take as cash. Amount is a percentage related to grade. All benefits are salary sacrificed. Some are more useful than others.

Childcare Vouchers
Company car
Critical illness
Decrease/Increase Holiday
Dental
Health Screening
Healthcare Cash Plan
Home Technology
Life Assurance
Medical (Self, Self+Partner, Self+Partner+Children)
Personal Accident
Pension (Basic and Fixed Additional Contributions)
Pension (Variable Additional Contributions)
Cycle2Work
Income Protection
Tastecard
Travel insurance
Will Writing
Gymflex
Home Energy Assessment

We also have much of this and interestingly we can flex up (or down) death in service multiplier, Income Protection %age.

[LastPoster]

fourstardan said:

Sounds grim but death in service makes me feel half ok that my family would get some level of wodge if I passed out between 8 and 4pm Monday to Friday.

Normally that isn't what Death in Service means, it refers to you being an employee rather than actually at work at the time

(maybe there's a whoosh parrot heading my way?)

[worsy]

CheesecakeRunner said:

worsy said:

We also have much of this and interestingly we can flex up (or down) death in service multiplier, Income Protection %age.

Yes, we can do that as well.

Maybe you work at the same place

[LeeM135i]

Private medical, death in service, pension top up then shopping vouchers for us.

Through the scheme the company buy x number of Tesco / Sainsbury's etc etc vouchers and pass the discount on, it was a 10% discount last time I looked.

[snuffy]

fourstardan said:

Sounds grim but death in service makes me feel half ok that my family would get some level of wodge if I passed out between 8 and 4pm Monday to Friday.

Someone once actually asked me if "death in service" meant they had to die whilst at work for it to pay out!!

[Geffg]

New one I’ve heard is having your birthday off.
I worked at a place years ago that done this and was the first I’d heard but recently heard a few places doing this now. A mate works at one and if your birthday falls on a weekend it’s the closest day so if a Sunday then Monday off and if a Saturday then the Friday.
Salary sacrifice on a lease car would be handy too.

[xx99xx]

Flexitime - as a variation on 9 day fortnight.

Discounts at national retailers (subscribe with a package provider e.g. Edenred)

Longer maternity/paternity/paid sick leave.

Accumulated leave scheme (bank x number of days over a period of X years to allow for an extra long holiday at some point). Similar to buying extra days but without any transfer of cash.

[UpTheIron]

Contracting currently but previous place had some decent benefits but the reality is most are simply cash replacements, sometimes to favour the employer (e.g. save NI on salary sacrifice pensions). Things that I'd like to see in my next job offer should I move would be:

Two levels of medical cover - bells and whistles with everything covered and a lower cost option, both including extension to whole family. Personally I'd go for the bells and whistles option but I understand some don't like the £3k taxable benefit it might end up costing.

Dental insurance.

Additional salary sacrifice into pension also receives the Employer NI savings.

9 day fortnights

Ability to buy or sell holiday up to 35-40 days.

Full pay when sick

Flexible hours, locations

Nice to haves:
Electric car schemes
Any tech or product scheme that can be done as salary sacrifice with tax avoidance. I've seen a few and they've been rubbish, better off just buying from Amazon.

Beyond that I'd just like a bigger salary to do with as I see fit please

[2 GKC]

Mont Blanc said:

Full cover for private medical/BUPA is absolutely No 1 on everyone's list right now.

My wife's work has it already, which covers our family, but my work is now beginning the process to offer it as well.

Whenever I see employee surveys about benefits, private medical is always at the top. The NHS is absolutely falling to bits and I wouldn't trust it to provide adequate treatment if me or my family became ill. I appreciate companies offering private medical push us ever closer to the American model, but what can you do?

I suspect most would decline it based on the BiK tax.