Blackett Walker
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Do your employee benefits reflect the values of your business and your strategic vision?

Employee Benefits Audit

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 deliver:

  • A greater understanding of employee preferences
  • A more focused benefits programme
  • Shifting emphasis from basic salary to the overall remuneration package
  • Extracting maximum value and returning the employer's investment
  • Potentially: reduced staff turnover; easier recruitment; increased loyalty

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 expectations?

  • Benefit specification and literature audit
  • Contract of employment checked where benefits are referred to or promised
  • Does actual benefit provided or covered meet your intended specifications?
  • 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 or closed)
  • 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 valued?
  • Review of current communication methods
  • Design of suitable communications to raise awareness
  • Total Reward Statements - highlight employer's benefit costs as indirect pay
  • Increase loyalty and reduce staff turnover
  • BW communications expertise - multimedia: from workplace meetings and paper documents to web-based solutions and 'desktop benefits' messaging
  • Using effective benefits to attract the best people to your business
  • Using employee benefits to assist in absence management where appropriate and control costs

Does your benefit scheme represent good value for money?

  • 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 cost-effective?
  • Final salary scheme running costs - how to control your expenses

What do other employers do?

  • Compare your benefits by reference to competitors - sector or regional
  • BW expertise in benefits: typical employer and employee benefits preferences
  • 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.