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"Focussing on my company's core business was becoming increasingly difficult. Working with H&R Wealth Management, we formulated a strategic plan for expansion and created a more stable organisation." |
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If you are not offering pensions, life insurance, disability cover, critical illness insurance and medical insurance to your staff then you are not maximising the value for money opportunities in your staffing costs. Consideration should be given to a cost benefit analysis of the various options for your particular set of employees. In many cases your employees will perceive the value of the benefit to be much higher than the actual cost of providing it, which makes such benefits a very useful tool in remuneration negotiations with either individual staff or groups / unions. The benefits not only accrue to your staff, but also assist in the efficient management of the company by providing cover for certain risks. For example - Disability Cover (Permanent Health Insurance). When you have to let a valued staff member go because of ill health it can be a very difficult decision, almost as stressful for the manager, who feels that he is condemning a friend to State Benefits, as it is for the ill employee. If however the staff member has got disability cover as part of their package everyone knows that their salary will be largely replaced by income from the insurer. This makes for much better management. Critical Illness Insurance If one of your staff gets a serious listed illness (but not necessarily immediately fatal listed illness e.g. cancer , heart attack, stroke) , then they get a lump sum payment (typically equal to two years salary). Again it helps to resolve the issues inherent in either paying unproductive staff or letting people down when you would really like to help them. Medical Insurance The NHS is not as good as we would like at dealing with non urgent, though painful and disabling conditions. The fact that your employees' productivity is impaired during the waiting period is of no concern to the NHS managers. If your employees have private medical cover they can get these problems dealt with much faster, and thus return to full productivity without delay. This is of course to the benefit of the firm. Pensions and Life Insurances These may have less direct benefit to the firm, but still offer effective ways of providing employee benefits.
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