Case Study: Company Z
The Brief:
Company Z had recently gone through a significant restructure. Morale amongst their remaining staff members was understandably low.
Company Z approached The Harding Hub with the brief of helping them deliver something good for their remaining workforce.
What we did for Company Z…
Despite not having a big budget to work with, we worked with our specialist financial planners to put a proposal together that would show Company Z’s staff just how much they were valued by their employer.
Together, we identified the following opportunities:
OPPORTUNITY
1
Company Z could move the administration of its Payroll and Pensions service to The Harding Hub. Our specialist advisers had identified that in doing so, we could create savings of £23,000, annually.
OPPORTUNITY
2
We worked with Company Z’s HR team to gain board approval for this saving to be reinvested in full, in order to enhance the employee value proposition for their remaining 135 employees.
OPPORTUNITY
3
Company Z increased their employer pension contribution by 0.5% per employee, showing their investment in their workforce’s future.
OPPORTUNITY
4
Company Z rolled out a Group Life Assurance Scheme to cover all employees. It was a promise to their colleagues’ families that would see them looked after if the worst was ever to happen to their loved one.
OPPORTUNITY
5
Company Z implemented a Cash Plan for employees that would help them claim back every day healthcare expenses. Longer serving colleagues were also provided with Private Medical Insurance to improve retention of that particular employee group with higher levels of expertise and experience.
OPPORTUNITY
6
The Harding Hub also rolled out its Pension Advice service, providing Company Z’s staff members with low cost, tax efficient access to financial advice. By reviewing things such as pension fund selection, tax-free savings allowances and retirement objectives, our advisers could improve the financial prosperity of Company Z’s employees.
What next?
After implementation…
After implementation, Harding Hub clients like Company Z typically report improved colleague satisfaction, reduced staff churn and improved recruitment capability as a result of their improved employee value proposition. In conjunction with our specialist financial planners, our Harding Hub team will provide modern, tax-efficient, compliant solutions for your workplace needs.