Additional tax free benefits announced to appeal to the millennial workforce

Additional tax free benefits announced to appeal to the millennial workforce
Paul Chappell
Written by Paul Chappell
Monday, 01 April 2019 08:16

Millennials are a growing and influential section in today’s workforce. Defined as people born between 1981 and 1996, this group of high-earning 20 to 30 somethings are tech-savvy, socially conscious, ambitious but with a notoriously short attention span. Attracting, motivating and keeping such employees can be a challenge and companies are increasingly looking to innovate with their benefits package to attract and keep these demanding employees.

Benefits for Millennials2075

Forget work-life balance, millennials want work-life integration

The distinction between work time and leisure time is being blurred.

Employers are expecting employees to be contactable outside of work time. Grabbing your phone and checking emails before you get out of bed is now the norm for many people and progressive firms are embracing, rather than restricting, social media usage in work time as they recognise the importance of peer sharing of content by employees.

Make use of tax free benefits designed to appeal to this portion of your workforce

Sometimes it is the little things that make all the difference. Many companies concentrate on what they perceive as being the ‘bigger benefits’, such as private health care or company cars, and forget about the positive impact smaller tax free benefits can have on the morale of their employees.

At Dataplan, we like to keep abreast of the latest changes to BIKs (Benefits in Kind) and the list of what is available is larger than you may think. We have come across some very specific tax-free benefits that could be a game-changer in attracting motivating and keeping the millennials in your workforce happy.

As of the new tax year, the following new benefits and payments can be added to the old favourites such as Christmas parties, car parking and health screening –

  • Craft beer – must be artisan brewed and from organic ingredients
  • Avocado – whether provided as an brunch or mashed on toast as a snack
  • Facial hair wax and oils - for either gender
  • Mason jars – this is a useful benefit as it can be applied to the jars themselves and also mason jar drinkware
  • Flannel shirts – no longer need to have company branding to be tax-free
  • Extension of cycle to work scheme to include vintage cycles

If you would like to know more about this extended range of tax- free benefits and how they could be used to improve your employee benefits package, contact Paul Chappell on 01333 123456

Happy April Fool’s Day!

Paul Chappell

Paul joined Dataplan from HM Revenue and Customs in 2007 and runs our PAYE compliance and investigation services.

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