Corporate clients: the value of your staff
Flexible Benefits
For many businesses, to motivate and recruit quality staff will require more than paying a competitive salary and bonus, or providing a basic range of other benefits.
An increasing number of businesses are re-evaluating their benefits packages, to cope with the demand for flexibility and choice from the workforce due to changing lifestyles. The need to retain control of the costs still remains a priority to the employer.
Flexible benefits can take different forms, geared to each organisation's market, priorities and staff profile. Some may incorporate a fully flexible "menu" approach, whilst others retain certain "core" benefits and allow the staff to make choices with the remainder that can be tailored to their own personal circumstances. Salary sacrifice is also a popular and tax efficient option.
All packages include certain features, such as total reward statements, to help communicate the benefits and emphasise their value to the employee. Some add value to the HR resource by including holiday booking and absence management reporting.
In every case, a fully integrated online system ensures efficient and cost-effective administration.
Whichever solution appeals, we adopt a structured approach to consultation, design, implementation and communication, project managed through a number of defined stages:
- Feasibility Study and Report - this includes an assessment of the organisation's profile and objectives, a project plan for implementation, cost estimates and communication strategies
- Design - detailed reporting and agreement on the benefits structure and pricing, time-scale management, implications for employment terms and conditions, plus related planning issues such as submissions for Inland Revenue clearance
- Implementation - set up the administration platform with suitable links to HR and payroll, data cleansing, agree security and access levels, plus effective communication and training
Our services continue after the implementation process has been completed, to provide our clients with ongoing benefits including:
- Proactive client and provider reviews, to maintain cost efficiency and reflect changes in company structure
- Ensuring clients are kept up to date with legal developments and benefit trends, as well as evaluating new products and systems
- Revisiting the communication strategy, to promote staff loyalty and the value of the benefits
click here to find out how Argentis Financial Management Ltd can provide expert advice with these issues.
