The New Year for business owners and senior management teams normally starts with planning the ‘things to do’ for the next 12 months. This will probably include strategic reviews on the operational and financial elements of the business as well as considering the sales and income projections and perhaps acquisition targets.
It is however unlikely that attention will be paid to the Employee Benefits package?
It is known from research that benefit packages tend to evolve organically rather than strategically which often results in these not connecting with the current staff who are likely to have very different requirements from the staff of 10, 20 or 30 years ago.
Employee benefit packages that aren’t regularly reviewed will become disconnected from the staff they are supposed to reward and motivate. The frequency of reviews differ from company to company and sector to sector but the fact that only a quarter of businesses have recently completed reviews could suggest there are many companies with benefit schemes that fail to address the demands and needs of their staff1. Employers who review their benefits and act according to the results are more likely to be in tune with their workers
Composing and defining an effective, well regarded and cost effective employee benefits package takes time and commitment. The business is already occupied with a raft of tasks and duties, so why not pass this responsibility to an employee benefit specialist?
The time spent on an employee benefits review could be time well spent if it is conducted in the correct manner. The review could lead to potential savings, enhanced member engagement or simply reassurance that the business is doing the right thing.
As a result, we would strongly recommend that your ‘things to do’ list is shortened as soon as possible in the new year by instructing Wingate Benefit Solutions to carry out a strategic review of your current employee benefits package. We will work with you to thoroughly understand your business and its objectives and we will ensure that our findings are presented to you in a clear and concise way which will include firm recommendations as to how your benefits package can be improved to meet your needs.
Wingate Benefits Solutions are here to assist you in all aspects of your employee benefits planning. Should you wish to discuss the above in more detail or any other aspect of your pension scheme please do not hesitate to contact your usual Wingate Benefit Solutions adviser or call us on 0844 406 0027.
Tax and legislation are liable to change. This information is based on WBS’s current understanding of UK law and HM Revenue & Customs practice and legislation we believe may apply in the future. No guarantees are given regarding the effectiveness of any arrangements entered into on the basis of the information contained herewith. It is recommended that professional advice is sought prior to entering into any financial arrangement.
1.Taken from Financial Director Magazine Employee Benefits Survey April 2012