A national mortgage broker found it difficult to attract talented employees because of competition from larger banks. The directors were determined to become the employer of choice in this sector. They knew that introducing a comprehensive benefits package would help them to challenge the existing market leading companies.
We met with members of their HR and Finance teams and discussed what they wanted to achieve and how we could help.
We designed and implemented an employee benefits package that included:
- Traditional benefits – life assurance and income protection.
- A benefit that was unusual for a company of their size but would be attractive to employees – private medical insurance.
- Lifestyle benefits – Discounted shopping, childcare vouchers, and a cycle to work scheme.
- A pension scheme that in, advance of this legislation being implemented, satisfied many of their future automatic enrolment duties.
We also developed a communication strategy to promote the new benefits package that included clearly written communications for current, new, and prospective employees.
As a result of introducing the comprehensive employee benefits package and delivering the complementary communication strategy, the client was able to attract the right people to the company; in the first year alone, employee numbers rose by 30%.
The company was very appreciative of our support, particularly with the news that the cost of the employee benefits was only 2.3% of payroll.
In the four years since the benefits package was launched the company has continued to grow, increasing their employee numbers by 86% and expanding across the UK.
We have since helped the company:
- Successfully manage their new automatic enrolment duties.
- Launch an employee benefits portal, Benefit Hub® in 2016, to efficiently manage the communication of their employee benefits across an ever expanding team.
- Introduce pension salary sacrifice.