Advisory firms connect companies with the employee benefits services they need, such as pensions and private medical insurance. But are firms getting good value for money?
Many employers utilise the services of intermediaries for the employee benefits services they need, such as pensions and private medical insurance. But are firms getting good value for money?
Today employees expect workplace benefits and see their employer as an ‘enabler’, therefore may leave if adequate provision is not in place.
Despite the increasing importance of employee benefits, HR professionals may not always have the time or tools to fully evaluate the benefits that their firm offers and the value for money from their advisers.
Ideally, employee benefit programmes, strategies and advisers should be periodically reviewed to ensure they deliver against the firm’s strategy and provide good value for money.
Asking yourself questions can be a good way to start finding out whether you feel your adviser is providing you with a good service and adding value. These questions could include:
- If there was one thing you could change about the service you receive from your current adviser, what would it be?
- What additional services would you like, or even expect, your current adviser to provide which they do not? How important is this to you?
- Does your existing adviser deliver the contracted service or do they go the extra mile and consider the greater needs of the business?
- Whilst the provision of employee benefits in some shape or form is generally a given, how does your adviser help you generate the member appreciation your expenditure warrants?
- How does your adviser assist you in achieving and demonstrating a return on your investment in relation to the benefits you offer your staff?
- We have found that often businesses delay or refrain from carrying out a strategic employee benefit review on account of concerns of the time, costs involved and whether there is even a need.
We have therefore created a complementary strategic review service. The review evaluates what services are being provided and at what cost. It looks at whether these represent value for money compared to alternatives.
This crucial exercise can reveal liabilities and uncover cost-savings, along with simple and effective strategies to increase employee engagement, wellbeing and return on investment, and sets out four possible courses of action.
The end goal of a review is to help ensure that your firm is doing all it can to attract and retain the best talent. Keeping staff happy also reduces the incentive to leave, helping to reduce frictional recruitment costs and productivity overall.
If you’d like to discuss using this complementary service, please contact Peter Maher.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.