Employee Benefits Audit
Do your employee benefits reflect the values of your business
and your strategic vision? Are they honouring contractual
commitments and statutory requirements? If you don't currently
provide any employee benefits would a scheme make a positive
difference in your business? We can undertake an Employee Benefits
Audit to determine just that.
Why is this so important? For you, the employer, it will
- A greater understanding of employee preferences
- A more focused benefits programme
- Shifting emphasis from basic salary to the overall remuneration
- Extracting maximum value and returning the employer's
- Potentially: reduced staff turnover; easier recruitment;
Working with you we can analyse your current scheme to measure
its effectiveness for
both the employee and the employer.
How does the audit work? In simple terms, we pose
questions and then engage in
activities to verify the answers.
Do your company's benefits match up to employment contracts and
- Benefit specification and literature audit
- Contract of employment checked where benefits are referred to
- Does actual benefit provided or covered meet your intended
- Discrimination issues - several possible benefit areas affected
(age, gender, disability, religion)
- Final salary pension liabilities - effective solutions in plain
English for companies with Defined Benefit pension schemes (active
- Avoiding problems before your company faces expensive legal
action or fines
Is the company's current spending on benefits worthwhile?
- Employee surveys - are current benefits understood? Are they
- Review of current communication methods
- Design of suitable communications to raise awareness
- Total Reward Statements - highlight employer's benefit costs as
- Increase loyalty and reduce staff turnover
- BW communications expertise - multimedia: from workplace
meetings and paper documents to web-based solutions and 'desktop
- Using effective benefits to attract the best people to your
- Using employee benefits to assist in absence management where
appropriate and control costs
Does your benefit scheme represent good value for
- Review of benefits quality & value
- Can lower cost insured benefits be found?
- The relative value: is the company spending too much or too
little on benefits?
- Indirect costs - how much of your time or your employees' time
is spent on benefits admin & management? Is this
- Final salary scheme running costs - how to control your
What do other employers do?
- Compare your benefits by reference to competitors - sector or
- BW expertise in benefits: typical employer and employee
- Can you afford to do better for your employees?
Are traditional benefits sufficient?
- Increasing demand for choice - offer Flexible Benefits?
Designed by BW?
- Voluntary benefits - appropriate for some employees, and often
cost effective (e.g. retail and leisure discount schemes)
- Salary sacrifice arrangements - tax and National Insurance
savings via Childcare Vouchers, cycle to work schemes, or pension
contributions being paid through salary sacrifice
With an audit complete we can then work with you to improve and
deliver your employee benefit scheme. To arrange a free initial
consultation please call us on 0191 653 1025.