Get the most from your employee benefits in challenging times
- Keep your benefits portfolio up to date
Ask yourself if your current benefits add value? Do you know which rewards are most valued by your employees? It's no good investing in benefits that are out of date and not relevant to your workforce.
- Communication is the key
Do your staff know exactly what you offer them by way of employee benefits? In our experience, staff don't value what they don't understand or don't know about - well informed staff have a greater appreciation of the employee benefits available to them. We believe that implementing a communications strategy, which incorporates a wide range of media, and keeping your staff up to date on a regular basis is a simple and cost-effective way to get the most out of your benefits.
- Implement Salary sacrifice
Salary sacrifice is an arrangement whereby employees can elect to reduce their salary in exchange for a non cash benefit provided by their employer. By implementing salary sacrifice, your staff could choose to have their sacrificed salary paid into their pension. As you, the employer, will not have to pay National Insurance (NI) on the sacrificed salary, you can enhance this contribution by redirecting the NI Saving into the employee's pension. Many employers view salary sacrifice as a great way to put more into their employees' pensions or alternatively, some organisations use the NI saving to fund other employee benefits.
- Offer Voluntary benefits
Why not use voluntary benefits as a way to offer your staff more at little or no additional cost to your organisation? Don't forget as an ACEVO member, you and your staff are entitled to a 15% discount on Private Medical Insurance with AXA PPP healthcare. Contact marie-ann.abraham@fosterdenovo.com for details of this special scheme.
- Consider Childcare vouchers
Childcare vouchers offer a great way for employers to give working parents help with dependent children. They can help your staff find quality childcare to suit the needs of their family and because employees don't pay tax or National Insurance on childcare vouchers, they can save up to £1,195 per year.
- Total reward statements
Offer your staff total reward statements which detail the total value of the employee benefits package you provide, and can include less tangible benefits such as career and training opportunities and flexible working arrangements.
- Take advantage of our £5,000 worth of free consultancy offer
As an ACEVO member, you may be entitled to receive £5,000 worth of free consultancy to review your employee benefits *. We believe this provides you with a great opportunity to consider whether you are getting the most from your employee benefits at no cost or obligation to your organisation. Over 100 ACEVO members have already been through this consultancy process. Contact ian.bird@fosterdenovo.com to find out more.
- Review regularly
Take time to regularly review your benefits offering to ensure they are line with your organisation's needs and objectives. The RSA saved over £25,000 when we rebroked their Group Risk benefits without having to change Providers.
Readers' notes
*£5,000 worth of free consultancy is available to organisations who employ 50 staff or more and who are not already clients of Foster Denovo Ltd. This document is designed for general information only. Individual specific advice should be taken by all organisations from an Independent Financial Adviser. No responsibility for loss occasioned as a result of any person acting or refraining from acting can be accepted by Foster Denovo Limited or ACEVO.
Ian Bird
Chief Executive
Foster Denovo
http://www.fosterdenovo.com/
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