Maximising Employee Benefits in South Africa: What Your Staff Doesn’t Know (But Should!)
Many South Africans don’t understand or utilise the benefits available to them through their employers. From medical aid to retirement savings, tax advantages, or group risk cover, employees could be missing out on better financial security and wellness opportunities simply due to a lack of awareness
If you’re an employer, it’s also crucial for you to help bridge the knowledge gap. Benefits lead to happiness which leads to better productivity and retention. So, here’s how to start:
Medical Aid Optimisations
Medical aid schemes offer various options according to a person’s income, family situation and lifestyle. However, a lot of employees stick to the default without assessing what truly suits their needs. Encourage employees to review their plan, use available preventative care benefits/screenings and understand gap cover options.
Tax-Efficient Retirement Savings
Employees may not realise how tax incentives can boost their retirement savings. Contributions to retirement annuities, pensions, or provident funds reduce taxable income, which can lead to long-term financial benefits. Education on this is necessary!
Group Risk Cover
Many workplaces offer life, disability, and income protection coverage, but employees don’t always grasp the extent of their coverage. As employers, clarify what’s included, help employees nominate beneficiaries and encourage them to review and update regularly.
Beyond core benefits, companies may offer perks such as wellness programmes, education assistance, and mental health support. In 2025 and beyond, employees will look at companies who provide something more – so, is your business ready for those questions to remain competitive?
How Employers Can Educate Employees on Benefits
To ensure your staff make informed decisions for themselves and their families, employers should focus on education. Here’s how:
- Workshops and Webinars: Host regular sessions explaining different benefits, any changes in policies, and how to maximise perks. Be communicative, educational, and understanding to diverse groups of people and markets.
- Individual Consultations: Offer personalised financial wellness check-ins to help employees better understand their specific needs and if any changes and updates are necessary.
- Portals or Flyers: Develop an online platform or SharePoint where employees can explore their benefits, access resources, and use benefit calculators. Regular mailers or flyers can also focus on specific updates or announcements.
- HR-led Office Hours: Designate specific times when HR professionals are available to answer benefit-related questions. This can also be set up as a webinar.
A More Informed Group
Employers, you play an important role in ensuring your employees understand what benefits are available to them. By offering the right educational tools and resources, companies can help employees achieve greater financial security, general overall well-being, and job satisfaction.
When employees thrive, so does the business. Get the right employee benefits at Leap SA’s one-stop-shop consulting practice.
Reach out to us at info@leapsa.co.za