Employee benefits for startup companies

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How employee benefits can help startups grow

Growing a startup is an exciting but challenging journey. With limited resources and a small team, it’s important to offer the right employee benefits to support your company’s growth and attract and retain top talent. While benefits may seem like an extra cost at first, they actually provide huge value to your employees and can be a key factor in your companies growth. 

At Howden, we know this well. Back in 1994, three friends started an insurance brokerage with a “People First” approach. Today, we’ve grown into a global business but have stayed true to our values. Offering great employee benefits has helped us attract and keep top talent, and our latest research report shows that UK startups see benefits as essential for recruiting and growing a successful business.

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Why competitive employee benefits matter

Often, the importance of employee benefits can be underestimated in the rush to establish your business. It can be tempting to deliver the legal minimum, and leave it at that.

Unfortunately, while this can save money in the short-term, it can hinder your long-term growth. By offering truly competitive benefits, you can improve your chances of:

  • Attracting skilled top professionals in your field
  • Retaining your existing team
  • Boosting morale and productivity
  • And, in the end, building a healthy, happy workplace.

Research by Michael Page found that 73% of job seekers have or would heavily factor in the benefits package before deciding to accept or turn down a role – in other words, you can’t underestimate just how important your employee benefits package is. 

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Which employee benefits could suit your startup?

As an employer you have a legal duty to provide certain statutory employee benefits, such as holiday entitlement and a workplace pension scheme.

But you can also help your employees by including:

  • Private medical insurance. Quick, efficient access to private healthcare when your people need it most. Our research shows that 41% of startups offer this benefit, with 32% planning to introduce it soon. Find out more
     
  • Life assurance. Provides a lump sum payment to an employee’s family, children or any chosen beneficiaries if the employee dies while employed within your business. Find out more
     
  • Income protection. Support employees through a long-term illness or disability. Find out more
     
  • Critical illness cover. provides your employees with a tax-free cash lump sum if they are diagnosed with a specified serious illness or condition. Find out more
     
  • Dental insurance. Helping employees access private dental care. Find out more
     
  • Mental health and wellbeing support. Resources to help maintain mental health and wellbeing. Notably, our research shows that 38% of startups already offer this, and 32% plan to introduce it soon.
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Download our latest research report

Our latest research report, Benefits that Build - Exploring the Impact of Employee Benefits on Startup Growth, provides key insights into how startups are implementing employee benefits to drive growth, attract talent, and build a strong company culture. The report, conducted by YouGov through an online survey, offers valuable data and trends shaping the future of employee benefits in startups.

How we can support you

Our team of expert consultants understands the unique challenges that startups like yours face. We know that finding the right benefits can be time-consuming and complicated, but as your trusted advisers, we’re here to simplify the process for you. With our extensive experience, we’ll work closely with you to select benefits that are a perfect fit for your business, your employees, and your budget.

Our goal is simple: to support and guide you through every step, so you can stay focused on what really matter - growing your business! With our expert team by your side, you’ll have access to a broad range of benefit solutions specifically tailored for small businesses like yours. Thanks to our strong relationships with leading insurers and our deep understanding of the industry, we can offer specialised solutions designed to meet the unique needs of startups and small businesses.

Let us take the stress out of sourcing the right benefits, allowing you to focus on reaching your business goals.

Book your complementary employee benefits review

One of our expert consultants will work with you to review your existing employee benefits to make sure they deliver good value and best outcomes for your business and your people.

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