Our team can undertake an Employee Benefits Audit to determine whether your present employee benefits match your overall business strategy (as well as contractual commitments and statutory requirements). Here are some of the ways we can help you;
Do your company’s benefits match up to employment contracts and expectations?
- Benefit specification and literature audit
- Contract of employment audit by RMT working with your employment lawyer
- Does actual benefit provided or covered meet your intended specifications?
- Discrimination issues – several possible benefit areas affected (age, gender, disability)
- Find salary pension liabilities – effective solutions in plain English
- Avoiding problems before your company faces expensive legal action or fines
Benefits effectiveness: is the company’s benefits funding worthwhile?
- Employee surveys – are current benefits understood? Are they valued?
- Review of existing communication methods
- Design suitable communications to raise awareness
- Total Reward Statements – highlight employer’s investment as indirect pay
- Increase loyalty and reduce staff turnover
- RMT communications expertise – multimedia: from workplace meetings to IT solutions
- Using effective benefits to attract the best people to your business
- Using employee benefits to assist in absence management where appropriate and control costs
Cost control: are your benefit schemes good value for money?
- Review of benefits quality & value
- Can lower cost insured benefits be found?
- The relative value: is the company spending too much or too little on benefits?
- Indirect costs – worth outsourcing benefits admin & management to RMT?
- Final salary scheme running costs – how to control your expenses
Benefits benchmarking: what do other employers do?
- Compare your benefits by reference to competitors - sector or regional
- RMT expertise in benefits: typical employer and employee benefits preferences
- Can you afford to do better for your employees?
Are traditional benefits sufficient?
- Increasing demand for choice – offer Flexible Benefits? Designed by RMT?
- Voluntary benefits – appropriate for some employees, and often cost effective (e.g. retail and leisure discount schemes)
- Salary sacrifice arrangements – tax and National Insurance savings via Childcare Vouchers
Advantages for an employer:
- Greater understanding of employee preferences
- A more focused benefit programme for all
- Shifting emphasis from basic salary to the overall remuneration package - extracting value and returning the employer’s investment
- Potentially: reduced staff turnover; easier recruitment; increased loyalty
IN SUMMARY: is there a better way to do what you do?
RMT Financial Management can become involved in the whole process for your company’s benefit, or at any selected stage if appropriate. Why not find out if employee benefits are likely to be effective in your business?
