United Kingdom

Employee Benefits 

We work with companies to understand their existing employee rewards policy and their 'goal' for benefits provision.

 

Using the full breadth of experience and skills within the team we can offer a broad range of services, encompassing a range of options from tactical and strategic implementations through to transformational change programmes, that will deliver the benefits policy that meets the company's requirements.

What's on your Mind?

 

  • In the current climate we are seeing reward budgets capped or reduced, so efficiency from benefits spend is vital.
  • In spite of the conditions, employers still need ways to attract, motivate and retain key employees.
  • The value of benefits provided can be lost in communication and may not be fully appreciated by employees.
  • Benefits will be offered to a diverse employee population and need to be flexible enough to suit all needs.
  • Benefits provision is becoming more influenced by the needs to meet objectives on CSR and environmental targets.

 

Bringing you Peace of Mind

 

  • In the current economic climate there is a strong focus on cost control which is balanced against the pressure to recruit and retain key staff remains.
  • Financial savings from more effective benefits provision can be key to balancing financial restraints with the need to compete for the best staff in the global marketplace.
  • Our financial modelling tools and experience can help to identify opportunities to manage costs or enhance benefits, often with an almost immediate return on investment.
  • Our Benefits Consulting Team have an impressive CV, having worked with numerous businesses over the years to review and transform their Benefits Policies.
  • Our team has a great deal of experience with benefits planning and have implemented and advised on many full Flexible Benefits schemes, Car Schemes, Salary sacrifice ideas and even the provision of software (from arranging a single portal for flexible benefits to helping administer tax efficient schemes and assisting with end of year compliance regulations).

 

What's in it for you?

 

  • Become an employer of choice by providing greater choice and flexibility to employees.
  • Improved understanding of benefits package.
  • Single reward portal for easier and quicker access to employee relevant information.
  • Help define the strategy of the benefits policy of the company.
  • Cost savings, both direct (employee and employer) through tax and NIC efficient benefits, or indirect savings through improved retention and recruitment.

 

Why KPMG?

 

  • At KPMG we pride ourselves on our leading approach to reward and flexible benefits; we place our values of integrity and honesty at the very heart of our services and ensure that all feasibility studies are completed with the client's interest at heart.
  • We offer a complete strategy both in terms of any benefits study and any subsequent benefits policy.  We are able to provide the relevant advice in a cohesive and efficient way, including tax and legal advice, which we see as a critical part of the risk mitigation process.
  • Our strategies also consider how a company should handle tax and legal issues, a critical part of the risk mitigation process.
  • We see benefits policy as an integral part of the overall employment offering. Our approach to benefits policy establishes  a framework for reward communication and delivery around employment brand.
  • By transferring our 'Employer of the Year' experience we help clients attract and retain talent.
  • We work with a wide range of companies across all industries and sectors.

 

Case Study

 

  • A world-leading aerospace and defence company implemented a comprehensive flex scheme covering 2500 UK employees across 15 individual businesses each with different pension schemes and benefit arrangements.
  • The aim was to create one central reward and benefits package that would unify the separate businesses which had previously run quite independently, therefore reinforcing the company's brand and values across the group. In addition, the aerospace and defence market is highly competitive and the company wanted to create a more attractive and flexible package to retain skilled staff.
  • KPMG worked very closely with the key stakeholders in each of the businesses to fully understand the complex nature of the businesses and to develop the scheme design and communications.  The scheme was launched online using KPMG's enrolment, communication and administration platform, rewardWISE.

 

Outcome:

 

  • The scheme has been a major success with employee engagement high and generating significant savings and a positive return on investment within the first year.
  • It is also a platform for change as the company develops and enhances its reward offering.

Contact

Contact

Harvey Perkins

 

Associate Partner
KPMG LLP (UK)

 

01908 844 900 | harvey.perkins@kpmg.co.uk