Vale & West Chartered Accountants Blog

How to keep employees happy

January is traditionally a time when many employees start looking around for greener employment pastures, which can be a real headache for employers who are trying to retain good workers. However, there are a number of things bosses can do to make their workplace more attractive.

While there are many reasons why an employee would like to move on, from needing more money to not feeling valued at work, one of the major reasons people move is because of a lack of employee benefits where they currently work, and benefits and perks ranked sixth in a recent study on why people leave jobs.

One benefit, which might appear slightly macabre at the dawn of a new year is Death in Service, also known as Group Life Insurance. This is a popular benefit for both employees and employers, as it is relatively inexpensive for the employer to implement and is an allowable business expense for the firm. In addition, it is not classed as a benefit in kind for the employee.

In addition, a separate study has found that less than half of workers in the UK have any form of life insurance to protect their loved ones should they pass away. This leaves thousands of families vulnerable and is a major reason why employees value Death in Service so much.

As an added benefit, some Death in Service policies come with a range of additional benefits which offer employees support with personal issues such as stress or grief.

These benefits are valued by employees and cost-effective. Therefore, if employers decided to implement them, they could help to tackle recruitment and retainment issues.

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