Voluntary or cost effective employee benefits. What do you look for?
I am constantly being asked by our clients to look at ways to save them to save time and money. I thought that it might be a good idea to share some of the solutions I have proposed.
The first thing is to not just implement a raft of voluntary benefits for your company regardless of size unless you have an understanding of the appetite of your workforce for such benefits and the type of benefits you want to offer.
The second is to look at the time you can devote to this as a HR individual or team. To get a fully integrated voluntary benefits scheme in place with high proportion of employee engagement requires a lot of man hours and hard work.
Thirdly, look at the providers that you want to use. Will they market the scheme for you? will you allow them the access to the work force that they might need to successfully implement the scheme? A lot of these schemes are geared up to flexible benefits platforms and rely on these areas to promote to benefits. This will offer the easiest way to get the message out to the staff but will also add to the costs of providing the package.
You can look to do all this yourself and spend the time pulling it all together or you can use the services of an employee benefits consultant to do the work for you. The cost of providing these services varies greatly from consultancy to consultancy or broker to broker. Always get a firm understanding of how their fee structure works. I myself will generally work commission/fees paid by the providers of the benefits so it is in all our interested to maximise the potential of the distribution channels available. This means that the company in question will not incur and extra cost other than man power and the promotion of the benefits.
I have attached an example of some of the great savings that I have negotiated for our clients. This BUPA screening offer at 25% can be given out to all your employees as this is done on a pay as you go basis at the point of having the screen so no invoicing to the company.
Please feel free to call or email me if you want to discuss this in any more detail.
Direct Dial. 024 7651 6096
Fax: 024 7630 5316
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