This is based on a real case we have dealt with, with changes made to protect the identity of the individuals.
I recently met a new Company Director who runs a Travel firm with 7 loyal staff members. She was initially very sceptical whether I could help and even started the conversation with “What can you do for me & my staff?”
I started with a detailed discussion with the client about their situation, the ethos of the firm and her aims for the business. It became clear that she was most interested in looking after her staff members who she felt crucial to the success of the business; it was not about “just being legal”. She wanted to recognise and reward staff without suffering large costs. I also held meetings with the staff members to understand what they wanted & their expectations. I then achieved congruence with all stakeholders to ensure any changes or new products would be to the benefit of the business and staff members.
The solution:
I proposed a range of services that we could offer to Directors and Staff. Upgrades to existing Company financial plans and new products on a cost-neutral basis. Compliance & Governance was agreed for their legal requirements. Together with a review process to ensure all plans remained on track.
How it works:
The firm’s existing ‘basic’ Company Pension (Auto-Enrolment Scheme) was upgraded to a modern Pension contract offering better quality options for all stakeholders, full flexibility for staff to be able to access funds, planning tools and online access. A Death-in-Service scheme was initiated for all staff members, which offered cost-neutral Life cover for all, as a reward.
New Protection plans started for all Directors of the firm to protect the business, the Directors themselves and to provide for their families. Personal protection plans were switched to Company products, such as Relevant Life, where cost savings could be achieved. Discussions also covered Share save schemes, Employer Buy-out options and Save as you earn schemes for staff
Financial clinics were operated so all staff to talk through their own financial issues, during business hours, covering Pension options, old schemes, looking after their families and a range of financial issues. Most staff commented that they never accessed financial advice before.
How it works in reality.
All staff, Directors included, had one-to-one meetings to discuss their financial planning. The meetings were confidential, during company hours so minimising inconvenience and sought to create a financial plan for all needs. All staff were recognised and engaged, to ensure they felt valued and understood the ethos of the business. The firm now offers a quality benefits package that has since aided their Recruitment & Retention.
