Scrutton Bland opened their new Cambridge office in Milton Hall, Ely Road, Milton, Cambridge on 1 October 2016
Q. Isn’t this expensive for employers and employees? A. Not necessarily. Employees are usually the most expensive and valuable resource that the business ha on its balance sheet. It is therefore important to make sure that they are motivated and understand the benefits on offer. Recruitment and training of new staff can be very expensive and the benefits can sometimes help retain employees. Simple things like providing Total Reward Statements make sure that the employee knows the content of their benefits package. Offering some flexibility on what the employee chooses can ensure that they get things that they want and value, and the benefits spend is not wasted. It’s also important to ensure that the benefits are regularly re-broked and the premiums and costs are competitive. All of these strategies can reduce waste and costs for the employer. Q. You hear about Employee Benefits and rewards in relation to big companies, is it just for large organisations? A. I have advised small family-run businesses and multinational PLCs. The benefits offering must of course be appropriate to the business and its employees and tailored accordingly. The budget and what their competitors offer will also be important. There are some exciting benefits and great ways to package these for employers, whether they have just a handful of employees or many thousands.
Q. How would an employer go about setting up an employee benefits scheme? A. Initially it is important to step back and take stock of what you currently offer. This ‘audit’ of the existing benefits can be a useful exercise in itself. Benefits tend to grow and evolve over time and often people forget who, why or what the benefits are covering. Following this audit it’s then essential to consider what the employer is trying to achieve and what are the motivating factors for your employees. It may be that a simple repackaging and communication of the existing benefits is all that is required or possibly a total restructuring and launch of a new benefits offering. We will always work closely with a business’ HR and finance teams to put together a timetable and project plan when launching any new employee benefits or communication strategy. The key to an effective EB package is identifying what your objectives are and ensuring that they meet the needs of your employees. James joined Scrutton Bland on 1 October and is based in the firm’s new office in Cambridge. With over 28 years’ experience in dealing with Employee Benefits james is well positioned to lead the specialist Employee Benefit, Pensions and Rewards consultancy team who can advise clients on a wide range of services ranging from Flexible Benefits, Protection, Health & Wellbeing, Financial Education, to Pension Consultancy and advice. If you would like to know more or discuss your specific Employee Benefits needs, James can be contacted at james.bolton@scruttonbland.co.uk or by calling 01223 928065 .
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