Running a small business? Struggling to attract and retain the right kind of staff? Think about employee benefits to stay ahead of the game
In a competitive employment market, you need to stand out from the crowd. ProtectMyPeople.com, the UK’s first group life insurance comparison site, highlights the advantages of building a compelling employee benefits package.
If you run a small or medium size business (SME) you’ll know it can sometimes function more like a family – chances are you know the names of all your employees’ kids, as well as what they’re watching on Netflix – which is all part of the appeal of working for a small business.
Taking care of your team is likely to be a key priority for you and when it comes to employee retention and recruitment, you may feel as though you can’t compete with larger businesses with bigger budgets to play with.
So, what can you do to set yourself apart from these competitors without breaking the bank? Some SMEs are now turning to employee benefits packages in a bid to stand out and attract the best candidates.
Flexible working, bonuses and on-site facilities, such as gyms, are popular but one employee benefit that often gets overlooked is group life insurance, also known as death in service cover. Should the unthinkable happen and an employee dies, whether at work or home, group life insurance will financially support their loved ones by providing a lump-sum payment.
It’s never pleasant to think about what would happen should one of your employees die. How will their family cope with the loss? While you can’t take away the pain, you can support their loved ones financially during an extremely difficult time in their lives. It’s an employee benefit that truly matters and a great way to show your staff you care about them and their families.
Many SMEs may not consider group life insurance, thinking it’s too expensive or only suitable for big firms with dedicated HR departments. The reality is that it can be an affordable, flexible addition to salary packages. In fact, a typical quote for a manufacturing company based in the North East could be as little as £7.00 per month per employee to provide a benefit of £50,000*.
Some insurers on our panel will quote for employers with as few as two employees, enabling businesses to feel the full benefit of helping to protect their team with such a valuable benefit.
ProtectMyPeople.com provides a quick, simple and easy solution for group life insurance relevant for businesses of all sizes, without the pain of completing multiple individual insurer questionnaires and processes.
In fact, you could be covered in 3 simple steps. We just need a few details about you, your business and team and we’ll do the rest. It really couldn’t be simpler!
So, why wait? Give your people the protection they deserve because when it comes to group life insurance, we’ve got your team covered.
*Price is based on a quote for a MANUFACTURING company based in the NORTH WEST with 20 people (50:50 split male: female) doing administrative roles, covered to the age of 65 or state pension age, with the premium being paid monthly by direct debit - valid from 04/06/18 – 04/09/18. Premiums and eligibility are dependent upon your scheme structure and the individual insurance providers.