Employee Benefits

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Background

We knew Andy socially (he used to play Rugby with our MD) – several years on Andy & our MD both well past their playing ‘sell-by date’ were chatting (probably over a beer or two) about  business matters & in particular the particular frustrations Andy was having around staff, HR, Personnel matters & the like – “it’s like running a playgroup for adults”. It transpires Andy’s Company (of which he was Chairman & Major Shareholder) employed approximately 300 people across five sites in London & the South East. Our MD offered to meet with him to see if we could offer any assistance at which time the following matters were raised.

 

Client Concerns & Immediate Issues

  • Cost of Medical Insurance & Group Life assurance arrangements
  • A wish to ensure Medical & Life Assurance were aligned to salary & service
  • High number & value of Medical Insurance claims
  • High Excess ‘imposed’ by current advisers as blunt instrument to curb claims
  • Cumbersome administration & lack of procedure across all arrangements
  • Lack of communication from existing providers & advisers to employees
  • Poor perception amongst employees of the ‘benefits’ provided
  • Time spent by HR Dept in dealing with admin on such matters

 

 

Our Initial Recommendations & Actions

  1. Reviewed benefits / details of each scheme
  2. Consulted with & questioned Board members & a random selection of employees
  3. Reviewed & streamlined current internal administration procedures
  4. Developed Action Plan to implement our proposed solutions
  5. Communicated our proposals to the Board & individual members
  6. Established a regular system of review meetings to ensure benefits were of value to both Company & Employee
  7. Consolidated & simplified Employee pensions

 

The Results            

  • Improved Employee communication - Employees now value the benefits provided reinforcing & re-establishing the Company as ‘caring & considerate’ 
  • Reduced the in-house administration burden through significantly improved & documented procedure
  • Reduced the number & amount of claims through education & communication – thereby stabilising future premiums
  • Ensured benefits were correctly aligned to individual circumstances & salary
  • Widened scope and range of cover BUT reduced premiums by over £40,000 pa

 

What we do is to work closely as specialists with your human resource department in delivering customized benefit plans to your staff

So that you can keep your team focused on what they do best (running the business)

Which means that your company’s most important assets form a more financially secure and productive team in contributing to your success

 

 

Please note: This document is provided as a working example and for information purposes only this should not be construed as financial or investment advice.