Despite the small and medium-sized employer (SME) market accounting for around 60% of all private sector employment in the UK, it is this group of workers which receives the fewest employee related benefits (flex).
High costs in setting up arrangements combined with complicated and often confusing administration systems has made it inefficient and unfeasible for smaller companies to offer these incentives. Faced with the ongoing challenges of talent attraction and retention strategy, many smaller businesses find themselves competing for skilled workers with larger employers – who can generally offer a more attractive employee proposition. This, however, looks set to change and the balance between small and large corporations redressed.
Companies that provide employee benefits services, such as Quantum Advisory, are now making it possible for relatively small workforces to access self-service, bespoke employee benefit packages at a reasonable cost and with minimal administration. Understanding employees’ motivations towards benefits is a vital ingredient in the successful launch of any flex scheme. Smaller firms usually find it easier to survey staff in order to discover which benefits they would most value. This then makes it easier to tailor their flex package accordingly and avoid making the mistakes of offering too many benefits that staff may not take up.
Quantum’s flexible benefits solution, QChoice, provides a range of pre-selected benefits, from lifestyle, through to protection and employee wellbeing benefits.
Contemporary, well-thought out offerings like this provide an affordable way to create a truly personalised benefits package that drives engagement and supports business performance. And most importantly, it is easily available to all businesses, no matter their size.
Richard Beddall, Senior Benefits Consultant