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Employee Benefits
With over a decade of experience of developing and delivering flexible benefits schemes, we can help your
organisation to achieve greater savings and increased employee satisfaction with the package. So whether you are looking
at setting up a scheme from scratch, either paper based or online, in-sourced or out-sourced, or you have a scheme that needs
to be reviewed and refreshed, then please contact us and allow our expertise to help you enhance your package and your cost efficiency. Flexible benefits schemes offer the employer and employee the opportunity to save money through salary
sacrifice schemes and the associated tax and NI savings. Yet despite the obvious win/win nature of the approach the CIPD
Rewards Management Survey consistently shows that the majority of organisations in the UK do not have flexible benefits
schemes. Many organisations seem to fear that the costs and administration of flexible benefits schemes make them
too difficult to do. This is not the case. From small and simple in-house administered paper based schemes, to comprehensive
online out-sourced ones, the benefits will always outweigh the costs. Benefits Whatever the nature of your benefits, regularly reviewing the way in which you provide them is vital.
If you would like our help in maximising the ROI in your benefits, then please contact us. Whilst flexible benefits and salary sacrifice can be of great help in the provision and administration
of benefits the actual nature of core benefits is an area where there has been continual
change. In the areas of pensions and private healthcare, the concept of “risk sharing”
has come to the fore as the cost of provisioning continues to escalate. Pensions - Hybrid Career Average Earning and more often these days, Group Personal Pension Plan schemes,
have replaced Final Salary Schemes for new starters. In 2012 the Governments new Personal Pension Accounts will be launched
and organisations will have to provide these or prove that their existing schemes are at least as good. Is your organisation
ready for the future? In other areas such as company cars research suggests that the once predicted demise of this benefit
has not occurred. Company Cars Whilst the recent Corporate Manslaughter Act has made employers reconsider the nature of the car benefit supplied, the
company car is still alive and well. However cars still represent a costly investment for any business,
so whether you use a lease scheme, lease purchase, traditional company car, cash allowance, Car Ownership Scheme (COS), or
a mixture of these approaches, you need to ensure maximum cost efficiency and appreciation of the benefit. Does your scheme
represent value for money? |
In the last decade there has probably been more change in the field of employee benefits than in
any other part of the package. Some of this change has been brought about by legislation, such as the Employment Equality
(Age) Legislation Act, some from the need manage costs and risks, such as the changes to pension provisions and some have
made changes on environmental grounds, such as changing the nature of their car provisioning. However it is in the field
of flexible benefits that some of the most radical change has been seen.
Private Healthcare – Employee excesses, cover restrictions and medical cash plans have all changed the way
in which care is provided. For many an integrated and more holistic approach represents a more cost efficient solution to
employee wellbeing. Is your investment in ensuring your employees are fit to work producing the right return?