Once upon a time, sourcing the best people meant providing competitive salaries… and that was about it. In 2023, however, new hires know that in a tight employment market, they can be more choosey. Nowadays, potential recruits aren't just focused on salary but getting the best employee benefits as well. In fact, given the current turmoil in the UK, from rising NHS waiting lists to huge hikes in utility bills, many regard these benefits as more important than salary.Furthermore, our latest ebook interviewing more that 2,000 people in the UK and 500 HR professionals has shown that 1 in 3 are looking to move jobs in the next 12 months. This potential loss of talent, coupled with the shortage of qualified people in the wake of Brexit, the Pandemic and the 'Great Resignation' shows no sign of dying down. So what do you need to offer, to lure the best talent to your business, and stop your rivals stealing a march on you?Well, there are many different types of employee benefits to consider. With YuLife, you can offer any or all of the following: Group life insuranceGroup critical illnessGroup income protectionGroup dental insurance Read on as we explain each of them, in plain English.1) Group life insuranceGroup life insurance is probably the easiest benefit on this list to explain. In simple terms, it protects your employees by providing a lump sum to their families in the event of their death. "These cash payouts ease the financial burden on employees' loved ones at the most difficult of times," explains Samuel Bain, commercial enablement lead at YuLife. He adds, though, that the value of group life insurance doesn't just lie in a distant, hypothetical future. "At a time where everyone's feeling financial pressure, knowing their families are covered if the worst happens gives people a sense of stability and peace of mind in the present day," he explains. That means that, at a time of economic crisis, offering group life insurance helps to cast employers in a good light among their employees, helping to improve working relations and productivity as a whole. "Not to mention helping them lure the best people, and to retain them long term, cutting recruitment costs significantly."2) Group critical illnessGroup critical illness pays out a lump sum if an employee or family member suffers one of the illnesses defined in the insurance plan. This cash can be used to pay for living costs, medical treatment, or necessary changes to their home like wheelchair access, should they need it. And that's not all. "Another great thing about group illness is all of the support services on the side," says Samuel. "For example, cancer concierge services offer the advice people need at a critical time; on things like how to manage the psychological impact of the illness; how to discuss it with their families; where they can go for medical care, and all of these sorts of worries. And that makes the whole experience feel a lot less scary and lonely."So what's in it for employers? "Well, firstly group critical illness is very much seen as a prestige benefit, so again it can help recruit and retain the best talent," says Samuel. "Plus, often these payouts can help that person to return to work: fitter, healthier, happier and sooner than if they didn't have those benefits. So there's a direct cost-saving to employers right there."3) Group income protectionGroup income protection is one of the types of employee benefits that's most often misunderstood, says Samuel – not least because it's often confused with group critical illness. The difference between them, though, is simple to explain. While group critical illness provides a one-off lump sum, group income protection pays out a steady supply of cash if an employee is unable to work due to ill health or injury.Again, the benefits to the employee are profound. "It gives them a real feeling of security," explains Samuel. "They know that if the worst happens, they won't have to worry. They'll be able to meet their financial needs, and get help to return to work if things improve."Employers, meanwhile, can also see huge benefits. "If someone is off sick for, say, five years, the employee doesn't have to worry about the cost of that," Samuel explains. "And then, if that person improves there are a lot of additional support services, such as occupational health support, to help them get back into work and really make them feel supported. So really, group income protection can be perceived as an employer benefit, nearly as much as an employee benefit."4) Group dental insuranceGroup dental insurance helps with employees' dental needs, including check-ups, preventative and restorative dental work, dental injuries, emergencies and oral cancer treatment. In times gone by, this might have been seen as a fringe benefit. But in 2023, that's all changed completely. "Right now, a huge percentage of dental practices aren't accepting new patients on the NHS (the current figures look like 9 in 10 dentists who aren’t accepting new patients)," Samuel points out. "Some are just flatly refusing to take on children. Even if you have a dentist, waiting lists are typically several months long. So given the high cost of paying privately, many people are simply not getting the dental care they need."In this environment, Group Dental Insurance has gone from a 'nice to have' to a highly-valued benefit amongst employees. Plus, by protecting your staff's dental health, you're protecting their general health as well: for example, regular dental checkups are vital in spotting oral cancer.A healthy and happy workforce is a more productive one, with less money lost to absenteeism and sickness. So ultimately, providing Group Dental Insurance to your employees isn't just good for them; it can help the bottom line too.Why now?This might all make sense in theory, but some employers might think the cost of employee benefits is an expense they simply cannot afford at the moment. And that's not surprising. From hikes in interest rates to persistent inflation, and in particular the huge jump in energy costs, many are in the midst of a day-to-day struggle for survival. The temptation is to pare costs down to the bone, hunker down, and wait for the worst of the storm to blow over.We have every sympathy with employers in this situation. But we'd argue that actually, if you're looking to reduce costs then shying away from providing employee benefits is the last thing you should do. Because ultimately, as Samuel points out: "If there's a theme running through all this, it's that a good employee benefits plan ultimately saves a company money, in terms of things like reduced absenteeism, fewer recruitment costs, better staff relations and improved productivity."And it's worth adding that, up to this point, we've largely just been talking about employee benefits in the abstract. When you choose YuLife as your provider, you get a whole host of extra benefits as well.Prevention rather than cureYuLife offers all the employee benefits to employers we've detailed above, but that's only half the equation. Equally important, YuLife's innovative approach is based on the idea that prevention is better than cure. And so as well as helping employees prepare for the worst, we're actively involved in helping them improve their health and mental wellness in the here-and-now. How? Well, when you sign up for any of the different types of employee benefits insurance through YuLife, employees are given access to the YuLife app. This works a bit like a game, and sets employees daily exercise and wellness challenges, such as walking, cycling and meditation tasks. Employees are encouraged to engage in friendly rivalry by comparing each other's achievements on leaderboards. And in return for completing tasks they get financial rewards in the form of YuCoin, which they can use for shopping, or donate to charity or environmental projects. The app has consistently proved to be a huge hit whenever organisations get cover with YuLife. From high-growth tech like xDesign to established retailers like Tesco, 96% of employees value YuLife as their number one benefit and 98% would recommend Yulife to another employer. As a result, it's delivering a level of connection and camaraderie other insurance providers can only dream of. Ultimately that means it's promoting patterns of behaviour that lead to long, healthy lives, good mental health outcomes, and lower risk overall. And that's a clear benefit to both employees and employers alike.