Once seen as a luxury to cash-rich organisations, Employee Benefits Schemes are now very commonplace and you will find that your competitors will most likely have a scheme in place.
Employee Benefits Schemes are used as a tool to increase employee loyalty and can help you keep ahead of the game and attract the best talent in your sector, whilst saving tax.
These days, schemes can be very cost-effective and flexible to meet the changing needs of the organisation and its employees. They can be managed online and integrated into your HR systems.
The most common and tax-efficient components are the Company Pension Scheme, Death in Service, Medical Insurance and Childcare Vouchers. Other benefits can include Company Car Schemes and Car Share Incentives.
With the new Automatic Enrolment legislation taking effect from October 2012 onwards, at the very least, every employer is now required to have a compliant workplace pension scheme in force.