As an example, the 2018 Workplace Savings and Benefits Awards voted Hargreaves Lansdowne as Pension Provider of the Year, and Scottish Widows won in the Financial Education category. These are complete roll reversals from a market that is fast becoming both exciting and confused.
Traditional ways of transacting benefits do not always mean that the employer or employees are receiving all of the information when they need it. Many millions of pounds are spent by the providers developing their propositions on an annual basis and this does not penetrate through to the end user often enough.
Examples of this are clear. Many microsites for pension are underused by employees, direct transfer pension options are unknown, and services included around communication and education for employees are simply not utilised as employees fail to get the information. Technology options are often one dimensional, as brokers will promote their preferred or owned option, whereas the market is innovating to a degree that what you actually need, probably exists.
We see many benefits under utilised and spending increasing on an annual basis. Let beneficia pose the real questions that you don’t know you need to ask.
We can deliver any employee benefit project to you. This could be a major redesign of your benefit structure, going to the market to tender and find the most appropriate partners, or writing a business case for the board on flexible benefits. We will use our expertise to find the right answer, and more importantly the right structure for delivery, saving both time and cost along the way.
You know the demand is there, but you can’t quite get the time to devote to delivery. The board want a return on investment report and you aren’t sure whether with those 4 holiday years and two pension schemes if you can actually deliver it. We can write an investment case for the board, do a feasibility study, and write an implementation plan.
You may not feel happy with your existing relationship. Is it really broken, or does it just need some change in certain areas to ensure that you get what you need. It’s a big deal, you don’t do it every day, and ironically at the moment, the only other people you can approach are other brokers. There are better partners for you depending on what you need, so find them straight away, with a delivery structure that works for you. We can assist you in writing and conducting the tender process, seeing you through to the delivery phase.
What does this mean to you? How are you delivering it? What tools are available from your existing providers by utilising their existing resource? We all understand the need for both physical and mental wellbeing in the workplace, and increasingly the need for employees to take some ownership of this. Financial wellbeing is everywhere you turn, so how do you maximise what you have and deliver for your employees.
You want a platform to deliver all this great benefit news, but which one do you choose. Your existing broker has one, and they are naturally going to promote this, but if you are away to spend a lot of money, what else is out there. Yes, there are some free systems, there are some very expensive, so do your research and understand what they all deliver, and how compatible they are with what you operate already.
How do you monitor the engagement your employees have in the benefits spend you make? Do they claim all they can from your medical benefits such as Health Cash Plan, if not, why not? Do they even know they have one? Do they know where their pension money is invested. Has your benefits plan had a direct effect on your recruitment and retention, does it motivate as you hoped. Through clever communications and updates we can increase this engagement, and the value you create.
The heady days of auto-enrolment implementation are long gone. What’s the next pension project? How can you get employees to engage in their scheme, make more contributions, look at saving through different vehicles that may suit them more. Pensions have never been the most interesting area of benefits, but it doesn’t get round the fact that this is where your largest spend is, and engagement is crucial, we will help you bring this to life. Governance is growing in importance, what have you as an employer done to satisfy the guidance on this.
You may be looking at some international expansion, and need to know what the local position is in-country. Do people expect the same benefits, is it feasible to give them? What’s the local social security position, and the expectation and culture in that location? It could be that you have a diverse range of global benefits currently, but need to rationalise and ensure that delivery is smooth and cost-effective.
We are experienced in the M&A market and understand the challenges. We can provide Due Diligence services to you before the deal, or reporting on the best way to harmonise post deal. Employees have questions right away, we can assist you in answering those, and providing clear communication to the people who matter.