Now, more than ever, employers are under pressure to provide their staff with more than just a salary; and people certainly consider the total remuneration package when selecting a future job or career. As an employer, the right benefits mix ensures that you remain competitive in attracting, retaining and motivating your employees.
Our employee benefits team provides a truly client-led service proposition. We work with you to make sure that we understand your business, the challenges you face and provide the dedicated support that you and your employees need, to get the most from your benefit arrangements.
No matter what industry you work in, the number of staff you have or the benefits you currently offer, we can work with you to help you become; and remain, an employer of choice.
Employee Benefits Review
The first step with any client is to undertake a thorough review of their current arrangements. We commonly find that employers have put together their overall package of benefits piecemeal, over a number of years. This can lead to inefficiencies, unnecessary cost and the provision of inappropriate or outdated benefits to their current workforce.
It is vital to undertake a regular benefits review, giving proper consideration to your required objectives.
Any benefit review should always take into account:
– clear business objectives
– regulatory requirements
– employee feedback and the need to attract and retain talent
– the suitability and relevance of different benefits to your staff
– provider costs & service levels
– employer’s cost considerations
Auto-enrolment has brought a raft of new legislation and employers are now only too aware of the complications that can arise.
With our experience & expertise in both DC and DB arrangements, we can provide you with comprensive support to ensure that your pension runs smoothly, whatever type of scheme you operate.
Whether you need to audit your existing scheme, establish a new one, streamline your administration, review the investments or improve your member communication, we can guide you through every step of the way.
We can show you how to maximise financial efficiency, ensuring that your scheme is as cost-effective as it can be.
We’ll also help your staff to better understand their savings and retirement options, encouraging them to interact and improve their own retirement journey.
Flex Benefits & Total Reward
A flexible benefit programme is driven by the need for choice – a single person in their early 20s has very different needs to a 35-year old with young children, or someone approaching retirement.
Flex benefits give people the ability to tailor their overall benefit package, to fit in with their changing lifestyle. By exchanging salary for alternative benefits, such as increased healthcare provision, life assurance or bigger pension contributions; people can make sure that they have exactly the right mix for them. Some choices can also create additional tax and NI savings, both for them and for the employer.
A flex benefit programme also allows employers to control the cost of their benefit programme, by fixing the amount that people may spend each year. Any additional amounts are then met by them personally, by way of a reduction in salary.
Alongside a flex benefit scheme, Total Reward statements provide people with a full breakdown of their salary and additional benefits, clearly demonstrating the true value of their overall remuneration package.
Communication & Engagement
It is vital that people have ongoing support and easy access to information on their various benefits. This leads to improved awareness, better understanding and ultimately, to increased take-up.
To help achieve this, Corpad have their own employee benefit “hub” – a secure online platform, customised and branded for each employer.
In addition to showcasing your employer-provided benefits, our benefit hub also includes a range of voluntary benefits, that provide people with valuable savings on their everyday spending and special purchases.
Corpad Employee Benefits Limited, Registered in England No. 12810328. Registered Office: Unit 4, The Antler Complex, Bruntcliffe Way, Leeds LS27 0JG
Corpad Employee Benefits is an Appointed Representative of Holyoakes Group Limited, which is authorised and regulated by the Financial Conduct Authority
Holyoakes Group Limited is Registered in England No. 05328832. Registered Office: 7 Sugar Brook Court, Aston Road, Bromsgrove, B60 3EX
Corpad Employee Benefits Limited is entered in the FCA’s register under reference 943087
Not all services are regulated by the Financial Conduct Authority
The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves
To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk