Employee benefits: Are you getting value from your adviser?

25 January 2018

Advisory firms connect companies with the employee benefits services they need, such as pensions and private medical insurance. But are firms getting good value for money?

Many employers utilise the services of intermediaries for the employee benefits services they need, such as pensions and private medical insurance. But are firms getting good value for money?

Today employees expect workplace benefits and see their employer as an ‘enabler’, therefore may leave if adequate provision is not in place.

Despite the increasing importance of employee benefits, HR professionals may not always have the time or tools to fully evaluate the benefits that their firm offers and the value for money from their advisers.

Ideally, employee benefit programmes, strategies and advisers should be periodically reviewed to ensure they deliver against the firm’s strategy and provide good value for money.

Asking yourself questions can be a good way to start finding out whether you feel your adviser is providing you with a good service and adding value. These questions could include:

  • If there was one thing you could change about the service you receive from your current adviser, what would it be?
  • What additional services would you like, or even expect, your current adviser to provide which they do not? How important is this to you?
  • Does your existing adviser deliver the contracted service or do they go the extra mile and consider the greater needs of the business?
  • Whilst the provision of employee benefits in some shape or form is generally a given, how does your adviser help you generate the member appreciation your expenditure warrants?
  • How does your adviser assist you in achieving and demonstrating a return on your investment in relation to the benefits you offer your staff?

We have found that often businesses delay or refrain from carrying out a strategic employee benefit review on account of concerns of the time, costs involved and whether there is even a need.

We have therefore created a complementary strategic review service. The review evaluates what services are being provided and at what cost. It looks at whether these represent value for money compared to alternatives.

This crucial exercise can reveal liabilities and uncover cost-savings, along with simple and effective strategies to increase employee engagement, wellbeing and return on investment, and sets out four possible courses of action.

The end goal of a review is to help ensure that your firm is doing all it can to attract and retain the best talent. Keeping staff happy also reduces the incentive to leave, helping to reduce frictional recruitment costs and productivity overall.

If you’d like to discuss using this complementary service, please contact Peter Maher.

Contact us

Peter Maher profile image
Peter Maher

National head of Financial Services London +44 (0)20 7131 4441

Insights for HR and finance directors

Download PDF
Receive regular updates

Related content

Financial education
Article

Financial education – meeting the changing needs of employees

The link between financial anxiety, stress and lower productivity in the UK is increasingly apparent. Financial education as an employee benefit is on the rise.

How equity based remuneration plans benefit early stage businesses
Article

How equity based remuneration plans benefit early stage businesses

Growing a successful business means recruiting the right talent. Retaining them requires an attractive benefits package. Equity based remuneration plans have many benefits for early stage businesses.

Secondary advice and support for your business

Services for listed companies and corporates

As a leading UK accountancy firm, we act as second provider for many listed companies and corporates, delivering a wide range of advice and services.

Smith & Williamson websites use cookies. Find out about cookies here. By continuing to browse this site you are agreeing to our use of cookies.