APPING THE STAKES IN EMPLOYEE BENEFITS

Small and medium sized companies have struggled to compete with large corporates when it comes to offering employee benefits packages.

But the tide is changing.

A new wave of techno-smart benefit providers are now helping make big company benefits more accessible to smaller firms.

For example, yulife – a new form of life insurance company – offers a game-style app for bosses to give to staff.

As well as providing life insurance cover for workers, it helps businesses make it easy and fun for employees to have a healthier, happier and more financially conscious lifestyle. Just by doing simple things like stepping out for a short walk at lunch or taking time out to meditate, workers can earn “yucoin” - which can be exchanged for a whole host of rewards from big brand names including Avios, Amazon, ASOS, Now TV and Sofar Sounds.

Offering benefits that can help to boost employee health and wellbeing is a tried and tested means of bolstering business profitability.

And it’s particularly important for smaller companies, as they often grow fast and face specific challenges in terms of attracting and retaining staff against bigger firms with bigger budgets – as well as their rapidly changing company culture.

Taking steps to ensure your workforce is both healthy and happy can help reduce staff absences (estimated to cost SMEs about £217 per employee per day) and increase productivity.

What’s more, over half of employees say they would choose an employer who contributed positively to their wellbeing – even if it meant earning less money. So offering these benefits can help ensure small businesses stay at the top of their game when it comes to getting the best talent.