Benefit Benchmarking

Employer-6Benchmarking your benefits against your peers is essential to remain competitive. Understandably most companies are reluctant to release information about their own benefit strategy to protect against this very reason. Not only do the headline benefits (pension contributions, private medical etc) need to be equal to or better than your competitors but you also need to ensure the policies themselves are up to date and giving your staff what they want.

Jigsaw’s benefit benchmarking takes a dual approach and provides our clients and potential clients with up-to-date insights into the employee benefits arena:

Through extensive market research we have obtained accurate reflections on themes such as pension contributions, take up rates, levels on wider benefits and the future benefits plans of various business organisations. We have then grouped the results into 17 main industry sectors and arranged the results by company size. The result is that we are able to provide our clients and potential clients with access to a vital source of market knowledge which gives them valuable information on what industry peers are doing and so helps them position themselves appropriately within their market sector.

Analyse the specific benefits currently offered to see if they remain competitive with current more modern arrangements. For example: Does the pension scheme offer fund supermarket or full SIPP capability, can members utilise the services of a discretionary fund manager should they desire? In addition we look at the tax efficiency of the schemes and advise on whether savings in costs can be made.

If appropriate we then work with our clients to develop an overall strategy which is appropriate when compared to the industry benchmark, affordable within the client budget and which identifies areas for potential change and or cost saving.

For a free, no obligation consultation, please contact us to see how we can help on 02380 004444.

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