In Finland, employee benefits typically consist of three different types of benefits: statutory social security, compulsory insurance coverage and voluntary additional benefits selected and provided by the employer.
The majority of the most common employee benefits are tax deductible for the employer, which means that the employer typically does not have to pay all the expenses of providing the benefit.
How to take advantage of tax benefits may sometimes seem difficult. Furthermore, as an employer, you might be wondering what benefits your employees actually value and use.
Even if your company does not have the resources to offer many additional benefits, there are a lot of things to consider when it comes to statutory benefits that may affect their cost level, for example.
Therefore, we recommend that all our clients prepare a separate employee benefits program.
Why an employee benefits program?
An employee benefits program prepared with a professional brings clarity, functionality and stability to the company’s daily routines.
Employees are also more satisfied when they can refer to a clear program on what is offered by the employer and what costs they need to cover themselves.
The employee benefits program also reduces the workload of HR personnel significantly.
As a general rule, employee benefits should not be selected randomly or based on an offer that sounds the best.
Whenever employee benefits are planned, it should be noted that the original idea of “additional” benefits, in particular, is to
- be attractive to employees (and potential employees)
- improve well-being at work
- improve work ability
- be cost-efficient to the employer.
How an employee benefits program is prepared
First, we will go through your company’s current employee benefits and the related costs. We will also analyse how your company has taken advantage of the existing tax benefits and whether they could be used even more extensively.
We will discuss how the benefits correspond with the current needs of the company and its employees and whether there is any particular need to change the benefits together with the representatives appointed by you.
Our expert will also provide their input based on years of experience and research data. Employee representatives can also be included in the process according to your wishes. This can provide a fresh perspective to the discussion.
We will prepare an employee benefits program and arrange a bidding among service providers and/or insurers, if necessary.
We are also happy to communicate with employees about the company’s benefits program in a clear and easily understandable manner.
The employee benefits program of a rival company should not be copied—at least not in full
The level of and need for employee benefits vary a lot between companies and industries: in some industries, there is a need to comply with the minimum statutory requirements, whereas elsewhere, skilled employees must be attracted with comprehensive solutions.
Industries where a lot of physical work is performed have their own special needs.
Excessive psychological stress might be a particular threat in expert sectors, for example.
We will find the solution that meets the needs of your company.