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Wednesday, August 12, 2020

Employee benefits veteran sets up new consultancy

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Alan Fergusson, the former Employee Benefits Director at Mattioli Woods plc, which bought  Kudos Financial Services in 2011, has set up a new consultancy in the employee benefits arena.

Beneficia will challenge the traditional broker/provider relationship by taking the expertise in house to employers who often have stretched, little or no internal resource on benefits and reward.

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Alan Fergusson, Managing Director of Beneficia said, “we want to look on things differently, see it through a different lens. The market doesn’t encourage transparency and that’s exactly what we feel it should. What ends up happening is that employers don’t get as full a picture as they should get of the tools that can engage their employees in the very benefits they are paying for.”

“Major changes are taking place in delivery of Employee Benefits in general. Relationships need maximised, and spend needs optimised. So much is talked about engagement, motivation and wellbeing, but what is delivered is a fraction of what could be done with the tools that are already available. We want to get in the middle of these relationships, look at the them from the inside and decide with our clients what we can structure to benefit their employees.”

“We realise that in-house reward professionals don’t always know the right questions to ask of their brokers, and don’t get near their providers. This isn’t due to a lack of awareness, more so a lack of time. Where a team doesn’t exist internally, HRD’s may only have a light touch on benefits. Direct provider relationships may be better, only engaging consultancy when required rather than on an ongoing basis.”

Beneficia will work on projects including Benefits Tendering, M&A Harmonisation, Flexible Benefits, Benefits Technology, International Benefits, Optimising Benefit Spend, Health and Wellbeing, Workplace Savings, and Engagement and Communication.

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