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 checked where benefits are referred to or promised
• Does actual benefit provided or covered meet your intended specifications?
• Discrimination issues - several possible benefit areas affected (age, gender, disability, religion)
• Final salary pension liabilities - effective solutions in plain English for companies with Defined Benefit pension schemes (active or closed)
• Avoiding problems before your company faces expensive legal action or fines

Benefits effectiveness: is the company’s current spending on benefits worthwhile?

• Employee surveys - are current benefits understood? Are they valued?
• Review of current communication methods
• Design of suitable communications to raise awareness
• Total Reward Statements - highlight employer’s benefit costs as indirect pay
• Increase loyalty and reduce staff turnover
• RMT communications expertise - multimedia: from workplace meetings and paper documents to web-based solutions and 'desktop benefits' messaging
• 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 - how much of your time or your employees' time is spent on benefits admin & management? Is this cost-effective?
• 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, cycle to work schemes, or pension contributions being paid through salary sacrifice

Advantages for an employer:

• Greater understanding of employee preferences
• A more focused benefits programme
• Shifting emphasis from basic salary to the overall remuneration package
• Extracting maximum 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 of managing and communicating your employee benefits; or at any selected point where you would find our opinions or services useful. Why not find out if employee benefits could be used more effectively in your business?

mailto:mark.bowen@rmtfm.co.uk&cc=marketing@r-m-t.co.uk&subject=RMT%20FM

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