Editor's message: Employers routinely offer their employees a varied selection of benefits to augment salaries. With organisations currently struggling to fill vacancies as unemployment remains low, benefits will also form a key part of your organisation's recruitment and retention strategy. It will be worth checking what your competitors are doing to see if you need to offer a wider benefits package in order to attract and retain the staff you need.
Advances in benefits delivery - largely through the use of flex and voluntary benefits packages, and salary-sacrifice arrangements - have led to many employers offering employees a choice of benefits. As more emphasis is placed on employee choice - and employees become accustomed to this - we can expect the use of such arrangements to increase.
However, employers still need to keep a lid on their benefits spend. You may also be minded to check that employees are fully aware of, and take advantage of, the benefits your organisation offers in order to ensure you get the most value from your benefits spend.
Sarah Byrne, HR practice editor
Updated to flag up that HR can use this policy to encourage staff to make use of the employer’s employee assistance programme during the coronavirus (COVID-19) outbreak.
Updated to reflect the increase to the statutory maternity pay rate from 5 April 2020.
Updated to reflect the latest government guidance on the Coronavirus Job Retention Scheme, published on 4 April 2020.
Updated to include the new car benefit charge and car fuel benefit charge rates in force from 6 April 2020.
Updated to reflect the increase to the national minimum wage rates, effective from 1 April 2020.
Updated to include a reference to the Government's response to the consultation.
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