Increase VALUE

Verify – Audit – Link - Understanding – Effective delivery and management

Verify your current situation, benefit arrangements and future plans

This stage of consultancy identifies your starting point by asking lots of questions. These include some key questions about the benefits programme you presently have in place, and how it contributes towards the planned growth in value you are seeking:

• What exactly have you got in place?
• Why have you got it?
• How do you feel about it?
• How do your employees feel about it?
• How much money does it cost?
• How much time does it cost?
• What have you done to it since inception?

Audit

By asking these questions our consultants will then be able to help you map out the benefits and limitations of your existing plan.  We will also make you aware of how employee benefits options have moved on since your plan was put in place. We will provide you with a full audit including:

• The competitiveness of the products you offer
• An assessment against the present and future regulatory environments
• Fitness for purpose against your stated objectives
• An appraisal of what your employees are seeking

Based on this thorough audit you can then decide if you need an alternative to your existing arrangements.

Linking where you are and what you’ve got to what you want

Once we thoroughly understand your organisation at all levels and what you want to achieve,  we then analyse what your benefit plans should look like to help you achieve this.
 
Whatever benefits you wish to offer, from pension schemes through to group life assurance and health cover to child care vouchers, Truestone has the expertise to provide you with a robust and reliable solution.

The advice you receive from Truestone is entirely impartial and independent, we are not tied to the products of any specific pension provider, insurer or investment company. As a result of our independence, knowledge and experience, it is often possible for us to realise major cost savings for your benefits programme at this stage of the process. However, our intimate understanding of the benefit market allows us to recognise when a ‘good deal’ is a false economy which will result in poor service. Our role is to unburden HR professionals and remove risk for trustees and companies alike.

Understanding

The importance of effective workplace education has been well documented in regular surveys. However, whilst nearly two thirds of employers say they deliver workplace education, three quarters of employees say they don’t receive it!

This contradiction demonstrates the importance of clear and consistent communication for your benefits programme. When it comes to communication, getting it right can be testing, however your employees will be making potentially complex financial decisions and deserve to have their responsibilities and all their options clearly set out.

At Truestone we never treat communications as a ‘box ticking’ exercise. It is too important for employees and a significant regulatory risk to your organisation. That is why we have developed a comprehensive menu of communication options, from online and telephone channels to one-to-one consultations, seminars and presentation meetings that you can use to get real engagement and buy-in.

In putting together a communications strategy you will need to consider the best methods of reaching your employees and also the timing and tone of the messages:

• Do they have access to a computer or is it better to provide hard copy information?
• How engaged are employees generally and to what extent do they pay attention to company communications?
• What level of staff turnover do you have – this will affect how often communications are required?
• How are employees geographically dispersed?
• How knowledgeable are they about financial matters?
• Are there different groups that need to be communicated with discreetly?

Effective management

Once you have launched your benefit programme you will want to review the impact and ensure all elements are working as they need to. As part of our own follow up process we keep you updated with the latest developments in legislation, tax and pricing affecting the provision of employee benefits.

We do this through regular review meetings with your account director as well as our series of bulletins and seminars which highlight opportunities for your business and help you to address the threats.

We will also look to develop ongoing communication programmes for employees to keep them informed and involved. Benefit communications cannot be a once a year exercise.