· Deferred
or contingent, such as a pension scheme, sick pay, private medical insurance
etc
· Immediate, such as a company car or holiday schemes
Benefits can also be clustered under four main headings as depicted in the matrix below:
The above benefit groups are sometimes referred to as “fringe benefits” or “perks”. These terms should be reserved for those benefits which do not fundamentally care for personal lifestyle needs.
Aims
The principal aims of employee benefits policies and practices are:
· To contribute
to the provision of a competitive total reward package.
· To provide for the lifestyle needs of employees in terms of their
security, welfare and financial requirements
· To help discharge corporate social responsibilities in terms of being
a caring organisation that caters for the needs of its employees, customers
and the external environment.
· To contribute to organisational performance and standing through
the increased recruitment, retention and engagement of employees.
· To provide a tax-efficient method of remuneration with associated
benefits to the bottom line of an organisation.
Issues
Whilst many employers understand the “why” of developing an effective benefit strategy and policy, most are deterred by the highly technical nature of this reward component, in the areas of finance, tax, administration services and systems enhancements. This becomes even more fraught when introducing a flexible benefits scheme.
Help is Available
EvDav Consulting can provide expert advice and support to any employer who wishes to review and develop their employee benefit strategy and policy. I can provide a well tried and tested methodology, which spans 6 key steps, starting with an environment scan and objective setting, culminating in the introduction of a simple benefits plan or flexible benefits scheme tailored to your requirements. If necessary, I can call on regulated broking partners and/or systems providers to deliver benefits solutions specific to your requirements.
Above all, I have the distinct advantage of operating on both sides of the fence – as an implementer and external consultant. So apart from being well versed and experienced in all facets of benefits design, I can anticipate the issues and challenges that you are likely to face on your journey. Can you afford not to use me?
Lifestyle |
Professional |
Financial |
Welfare |
