Employee Benefits – Efficiency and cost savings

Efficiency can be measured in many ways. A large HR team within a sizable business will approach efficiency in a different manner to a solitary HR manager in a smaller business. At Generation Employee Benefits our job is to understand your business and the challenges you face. We are dedicated to working with you to implement positive change, such as, by outsourcing administration or management, or the introduction of new technology,

Employee Benefits – Efficiency and cost savings

Generation Employee Benefits was appointed by a long-established building services provider with approximately 400 employees, including a small HR team. The company used a broker for some benefits and dealt directly with pension providers and insurance companies for others, but had no overall strategy.

As the business had grown substantially over a fairly short period the approach to benefits had become reactive not proactive. This was causing issues with day to day administration, annual re-broking, product knowledge and overall efficiency.

The HR team identified that they did not have the expertise to truly understand if the employee benefits package in place was right for the business and more importantly for the employees. Generation Employee Benefits was appointed to take over the management and administration of all employee benefits, including UK and International private medical, life insurance, pensions, disability, wellbeing and employee communication.

The initial audit identified that with the opportunity to immediately increase efficiency, further positive change could be harnessed by utilising the Generation Employee Benefits buying power to:

  • reduce the cost of insurance products,
  • reduce the pension fund charges for employees and
  • to ensure the providers with the best products were in place.

Generation Employee Benefits were also able to save the client over £50,000 in commission costs by moving them to a fee model.

Outcome

The building services provider enjoyed significantly increased HR efficiency – releasing its employees to do other important jobs, improve the benefits package and save the business money.

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