Friday 02nd August 2019

Time to review your employee benefits

Article By Dave Morman

The whole point of a quality employee benefits scheme is to help you recruit, reward and retain high calibre staff and promote on-going company loyalty. And when it comes to your workplace pension scheme you need to ensure that at the very least it achieves certain standards to comply with auto-enrolment legislation.

It is well documented that a modern, flexible benefits package which is well communicated to employees will promote a motivated workforce and attract new talent.

But Brunsdon Employee Benefits Director Sebastian Merritt says it is important to stay on top of it.

“Employers need to ensure their schemes remain relevant, cost-effective and value for money in the marketplace. And of course, above all, the schemes need to appeal to staff. My advice to any employer who has not reviewed their offering for a while is that now is definitely the time to do so. There could be big savings to be made in terms of cost, consolidation and administration without compromising quality.”

Another aspect of employee benefits which is often overlooked is communication. In fact, it has been estimated (research by Cass Business school) that failing to tell employees about benefits schemes costs UK companies £2.7bn a year through increased staff turnover and sickness absence

Brunsdon offers a full employee benefits proposition featuring dedicated account managers, financial advisers and a group risk consultant. It can undertake scheme audits, reviews, administration and provide benchmark quality support services including workplace financial education and bespoke employee communication campaigns.

So how does a benefits review work?

Sebastian said, “Certainly at Brunsdon our review will take a holistic view of current benefits measured against company aspirations, business plans and employee expectations. We’ll look at consolidating and homogenising benefits where possible, which can often rationalise renewal dates, and we’ll go to the market for best rates, of course. Our dedicated admin team takes care of administration and looks after the interests of scheme members and new joiners”.

“We’ll take special interest in the company pension scheme and any auto-enrolment issues to make sure it’s compliant and best value for the workforce”.

“We are also set up to provide workplace financial education, fully qualified financial advice and have the inhouse capability to design an employee comms strategy that will fit right in with the look and feel of the company.“