As Auto Enrolment reaches maturity we have recently launched an enhanced benefits service for larger employers. Targeted at those employing 100-500 staff, provides access to a range of services for the employer, employee and senior executives, often within the company’s current benefits budget.
The idea was born out of a conversation that I had with one of our corporate clients a few years ago. They had asked us to help them with some elements of their employee benefits planning, in particular the communication side of things. Historically they had always worked with one of the very large employee benefits consultants who had established a range of benefits and put in place a retainer for their ongoing services. I have no doubt that the recommended benefits they had put in place were of a suitably good quality, but when I enquired as to what their ongoing services were, it became apparent to us both that the employer was receiving little or nothing for their rather sizeable retainer. In particular, there was no direct communication, guidance or advice for their employees.
To cut a long story short, they appointed us to be the advisers to both the company and the employees. We worked with them to ensure that amongst other things, the employees actually understood what benefits were provided to them. It follows logically that if an employee understands what is provided for them, they have an increased appreciation of those benefits and the employer gets better value for money.
Since then, we have advised many companies in a similar position; paying large retainers for very little added value. We have therefore developed and tested our service, which includes an employee portal, that can typically be provided to clients within their existing spend.
Our key objective is to provide a one-stop shop for all of an employer or employees financial and professional needs. By working with professional partners, we are able to offer a joined up service that includes access to HR, legal, accounting and foreign exchange services for the employer. HR can also undertake regular engagement surveys with staff on line. Our employee portal provides staff access to Will writing and legal services, tax returns and accounting services, mortgage services, funeral plans, on-line life assurance and a financial education suite. Ultimately, we will pleased to provide access to one of our financial planners for more bespoke guidance.
For senior executives we provide access to a specialist wealth management adviser who can assist them with their often more complex financial planning needs. This is proving most popular of all as these key individuals often seem to focus all of their efforts on running the business without taking the time to put in place sound financial plans for their families. For further details please click here https://richmondhousewm.co.uk/home/
The new service has been very well received by employers who appreciate how this can really change the perception of benefits that they provide for their employees. For more details of how our corporate services can help your company and your employees please contact us on…0333 241 3350
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Further details of the service, please click here https://richmondhousecs.co.uk/home/
Ian Jenkins APFS Chartered
Legal, accounting, HR, foreign exchange and funeral plans are not regulated by the Financial Conduct Authority.