Adactus Ltd, a bespoke software firm based in Oxfordshire, is expanding its employee benefits package for staff.
Adactus Ltd already offered pension and childcare vouchers to its 28 employees. The company wanted to offer a more attractive and varied benefits package that would give it a competitive edge in terms of recruitment and retention.
Central to the new benefits offering are group risk benefits – life assurance and income protection. These are funded by Adactus Ltd, and are mandatory benefits, which employees can’t choose to opt out of – as Adactus Ltd believes them to be of critical value to both the company and its staff, with the financial, practical and emotional support they provide.
The group risk products particularly appealed due to the inherent added-value services. These include early intervention services from day one of absence when someone is ill, an employee assistance programme and second medical opinion service – all are provided within the group income protection cover. There is also a range of business support offered to Adactus Ltd itself. Bereavement counselling and a probate helpline are provided via the life assurance cover. On understanding the extent of the suite of complementary services that were included, Rebecca Cleare, Head of HR, Adactus Ltd commented: “I don’t think I had quite realised just how many add-on benefits came with group risk products!”
In addition to the group risk products, and to enhance their employee benefits offering further, Adactus Ltd also added a health cash plan arrangement, high street shopping discounts, access to an employee financial education portal, gym discounts, discounted car breakdown cover, access to pension advice vouchers, will writing services, discounted dining out and a cinema discount service.
The range of benefits selected was chosen by the management based on feedback from their employee survey to ensure it would be attractive to their employees.
Independent employee benefits consultancy, Quantum Advisory, which specialises in providing a range of flexible benefits for SMEs – including communicating the benefits to staff, implemented the benefits for Adactus Ltd.
Rebecca Cleare, Head of HR for Adactus Ltd added: “The added-value benefits within the group risk products really help us offer a holistic employee benefits package to our staff, and the group risk benefits themselves are an excellent way for us to look after our staff. As a smaller employer, we need to compete for talent, and this is a great way for us to punch above our weight and demonstrate our duty of care.”
Pauline Iles, Principal Risk Benefits Consultant, Quantum Advisory said: “Many small businesses feel they’re out-gunned by larger corporates on the employee benefits front but Adactus Ltd is proof that that doesn’t necessarily need to be the case.”
Katharine Moxham, spokesperson for GRiD, the industry body for the group risk protection sector, said: “Adactus Ltd is absolutely correct in putting life assurance and group income protection at the heart of their benefits package. It’s an eminently sensible approach to make them mandatory within a flexible benefits package as many employees don’t fully appreciate the true value of the financial security group risk benefits give and often overlook their importance in favour of more immediate benefits. Clearly a financial pay-out in the event of an employee’s death or absence from work is hugely helpful but the extra day-to-day support also available can be of so much assistance to staff and the business alike.”