In a market which continues to be disrupted by technology, regulation, product innovation, and move at a pace that is hard to comprehend, beneficia will challenge the traditional broker/provider relationship by taking our expertise in house to employers who often have stretched, little or no internal resource on benefits and reward. Even if a team does exist, we can enhance and assist. beneficia will provide true consultancy to employers, without the alliances and established norms that exist in a market which can prevent information flowing.
Alan Fergusson, Managing Director of beneficia comments, “we want to look on things differently, see it through a different lens. The market doesn’t encourage transparency and that’s exactly what we feel it should. What ends up happening is that employers don’t get as full a picture as they should get off the tools that can engage their employees in the very benefits they are paying for.”
“Major changes are taking place in the delivery of Employee Benefits in general. Relationships need to be maximised and spend needs optimised. So much is talked about engagement, motivation and wellbeing, but what is delivered is a fraction of what could be done with the tools that are already available. We want to get in the middle of these relationships, look at them from the inside and decide with our clients what we can structure to benefit their employees.”
beneficia aims to deliver as the “in house” resource for employers, working with brokers and providers alike to work as partners with shared interests, with the delivery of employee benefit related projects across the board from inside organisations.
“We realise that in-house reward professionals don’t always know the right questions to ask of their brokers, and don’t get near their providers. This isn’t due to a lack of awareness, more so a lack of time. Where a team doesn’t exist internally, HRD’s may only have a light touch on benefits. Direct provider relationships may be better, only engaging consultancy when required rather than on an ongoing basis”, Fergusson continues.
beneficia will work on projects including Benefits Tendering, M&A Harmonisation, Flexible Benefits, Benefits Technology, International Benefits, Optimising Benefit Spend, Health and Wellbeing, Workplace Savings, and Engagement and Communication.
Fergusson, a 20-year industry veteran was most recently Employee Benefits Director at Mattioli Woods plc, after Kudos Financial Services was sold to that business in 2011 and plans to grow the consultancy across the UK with the right talent who understand the changing market dynamic.
In conclusion, Fergusson added, “the values that we at beneficia have are around transparency, empathy, effectiveness and challenges. We look forward to the journey and to offering true consultancy in employee benefits.”
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