Employers need to Move on from Yesterdays Model for Flex

'Employers need to Move on from Yesterdays Model for Flex' says JLT Benefit Solutions Ltd 

 

18th November 2009, London:  JLT Benefit Solutions Ltd (JLT) today during a presentation at the Pension Show in London, advocated a new review, refresh, and refine approach to benefits focused on real flexibility rather than choosing lots of different benefits.

Charlie Carrick, Sales Director, JLT Online Benefits, who presented 'Flexible Benefits, Making the Right Choice' today, says "Flexible benefits have come a long way in a relatively short period of time but businesses are focused on the type of benefits they offer rather than providing benefits that are truly flexible, this is yesterdays model and no longer right for employers or employees.

"The first stage in creating any benefit package must be a proper review which could include focus groups, surveys and benchmarking. This will help to outlines to scope in terms of benefits, communications, delivery and overall timings followed by the analysis that is required of benefit costs, data validation and projected take up levels. This process means you can create real value for employees and employers in both the short and long term".

Once a proper review has been carried out the most effective ways of delivering the benefits either offline or online can be considered and a campaign for launch, as well as the part that technology will play in the scheme not just in terms of delivering information, but real time interaction, enhanced engagement through multiple media and online fulfillment from the employee to the provider (straight through processing).

Charlie Carrick concludes, " whilst the planning stages are very important it's during the delivery that you know if you have been successful or not. Keeping the scheme refreshed with information you may have held back or new legislation can help to keep employees engaged. Once you see the scheme in action its possible to refine it through tweaks as well as changes, making sure that you keep asking for feedback and act up on it".

--ENDS--

 

Enquiries:

Jardine Lloyd Thompson

Isabella Young

Tel: 020 7558 3387

EMAIL

 

Editor's Notes:

About JLT Benefit Solutions Limited

JLT Benefit Solutions Limited (JLT) is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, wealth management, Self Invested Personal Pensions (SIPPs), Small Self Administered Schemes (SSASs) flexible benefits, healthcare, benefit communciation and financial education.

Authorised and regulated by the Financial Services Authority, JLT employs over 1000 professional staff in 10 offices in the UK with revenues of some £87.6min 2008. JLT supplies the pension administration for over 1 million members, paying £750m in pensions every year. Through its Healthcare businesses JLT places cover for a ¼ million people each year.

Other pensions and employee benefits companies within the JLT group of companies include: Profund Solutions Limited, Independent Trustee Services Limited and Pension Capital Strategies Limited.

JLT Benefit Solutions Ltd is part of Jardine Lloyd Thompson Group plc. As well as being a major provider of employee benefits services and related consultancy advice the Jardine Lloyd Thompson Group of companies is a leading risk management adviser, insurance and reinsurance broker.

Jardine Lloyd Thompson Group plc is quoted on the London Stock Exchange and is the largest European-headquartered company providing these services and is one of the largest firms of its type in the world. It operates out of more than 120 offices in over 36 countries and employs more than 5500 personnel.

http://www.jltgroup.com/