Protect your Business and your Staff
Instead of looking to increase wages, the game changer for small businesses may be to look at its employee benefit package. Choosing the right benefit may help companies not simply to attract and retain staff, but also to ensure they are in a strong position when it comes to the health and wellbeing of their Employees.
Estimates suggest that only around 1 in 10 people have income protection cover and that more people insure their pets or their phone than their income. The Association of British Insurers (ABI) has called on the government to consider a temporary tax break for employers who provide Group Income Protection cover for staff.
This could reduce the number of people who fall out of work for health reasons, protect the finances of those unable to work, and boost the productivity of UK businesses.
Another outcome, says the ABI, would be a reduction in their dependence on state benefits, potentially cutting the UK’s benefits bill by tens of millions of pounds a year.
Contact me to discuss how this type of benefit could be tailored to suit your workforce and budget.