Salary sacrifice is not a new concept. A popular model in the business world for the past couple of years, salary sacrifice schemes offer more benefits to employers and employees than many first think. But a common misconception is that salary sacrifice schemes can only fit into certain businesses and only work with a handful of business models – but those who think this way could not be more wrong.
As a leading supplier of salary sacrifice schemes within the SME sector, we work with clients in all industries – and as such have seen the incredible improvements these schemes can make. With that in mind, we thought we’d document how a well-thought out salary sacrifice scheme can improve your business from the ground up.
Many business leaders in construction, retail and the charity sector think that salary sacrifice simply won’t work for them, but the thing that all of these industries have in common is that they need and want a happy workforce. Salary sacrifice schemes come in many forms, from vehicles to childcare vouchers, and it’s been proven that offering employees perks will increase happiness – both at work and in their personal lives.
More engaged workforce
If your employees are happy, they will be more engaged during the working day, and as a result, provide better quality work. Schemes can reduce stress stemming from money worries, enabling workers to focus more on the jobs in hand and create more alert staff.
Productivity is upped
If your employees are more focussed, and less worried about money, they’ll work harder for you. It’s as simple as that. Implementing salary sacrifice schemes can reduce the time wasted every single day, adding up to many more hours of production across a business.
Lower staff turnover
There will always be employees who move on to pastures new, but if you want to achieve a lower staff turnover, salary sacrifice can seriously help. It’s been proven that implementing a scheme can encourage individuals to stay at a company for longer. It's thought that the cost of finding and hiring a new employee adds 10-15% on top of the whole salary, meaning it can be seriously pricey to replace someone. Our schemes are no cost to employers so you can help to reduce this leaver risk with shiny new benefits for absolutely nothing!
Fewer sick days
We’re not talking about a week off for the flu or a few days off at home for a tummy bug; we’re talking about sickness as a result of stress. Stress is a major cause of employee absence, costing the economy millions every single year, it can have a detrimental effect on a business. But by reducing stress factors, you should find your employees take less time off.
So, do you think that salary sacrifice can work for your business? If so, get in touch with us todayand find out how we can help!