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Financial Planning

Employee Benefits

For a small business, providing a good employee benefits package isn’t just about being seen to be a caring employer. A good benefits package can promote employee loyalty. A happy employee also tends to be more productive. In turn, this can help staff retention and reduce disruption to the running of your business – saving time and money on finding and training new staff.

But implementing the right scheme for your business requires specialist insight and market knowledge. This is why many small businesses come to Kirk Rice. Our qualified team of financial planners has the right experience to help you make the right decisions.

You might want to find and implement a new scheme. Or perhaps you are reviewing an existing one. Either way, we’ll provide an initial consultation – which comes at no cost and no obligation. This will enable us to establish your company’s specific objectives, and work out where we can help.

What you receive

For existing schemes, our advisers will conduct a full review and analysis of your firm’s cur-rent employee benefits provision. We’ll look at the quality of the scheme (or schemes) that you provide – including the range of cover – as well as price competitiveness. We’ll even have conversations with your existing providers to help us come to an informed conclusion.

Only then can we identify potential improvements. This might entail changes to areas that are not compliant, like auto-enrolment and workplace pension schemes for example.

We research providers across the whole market and we tailor recommendations on additional cover and product features to your business. As an example, this might include a private medical cover recommendation, such as adding business travel insurance for employees that travel for work.

Matching benefits to the contracts of employees is another important consideration. One obvious area is income protection, where we might look at matching insurance to a waiting period that coincides with your sick pay policy.

But while shopping around often means a better deal, it might prove more cost effective to add services to an existing scheme. Some in fact, may come at no extra cost – like best doctors, bereavement counselling and probate helpline.

Why Kirk Rice?

You can be sure that as an independent firm, Kirk Rice’s recommendations will be truly objective. This is because we are not restricted to recommending certain providers.

And to make the process smooth, we’ll carry out the full implementation of new or replacement schemes. This can be extended to include employee presentations or workshops for groups or one to one. We can also provide an annual review to ensure you continue to provide the best cover to employees at the most competitive rate.

In terms of the day-to-day running of a scheme, we also take away most of the administrative burden. We can help you deal with leavers and joiners, for example.

 

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 Employee Benefits

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Making the Most of Fringe Benefits

 


 

Kirk Rice LLP is authorised and regulated by the Financial Conduct Authority (www.fca.org.uk/register). FCA Registration No: 531538.

Kirk Rice LLP is a limited liability partnership registered in England & Wales (Registered Number: OC354936) and having its registered office at The Courtyard, High Street, Ascot, Berkshire, SL5 7HP.

Scenarios

Why Employee Benefits Work

‘My small company does not provide life cover or other benefits, but we are introducing a pension scheme.  Is it possible to provide other benefits at a reasonable cost for small groups?  We have 17 employees and one has a history of medical conditions and pays 4 times what I do for similar life cover.’

Mr M.N

Click here to read Michael Powell’s response

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