Vested announces partnership with Hays to deliver workplace benefits solution
Vested, the Workplace Savings & Benefits consultancy of the Embark Group, has today announced a partnership with Hays, the leading recruiting experts, to provide UK SMEs with a comprehensive workplace benefits benchmarking and consultancy service. The Hays and Vested partnership is targeted at UK SME employers, to help them attract and retain the brightest talent.
In a survey of 31,500 employers conducted by Hays in 2019, 88% of respondents experienced skills shortages over the year. This is in large part owing to competition for talent, with benefits playing an important role. Salary and / or benefits packages were the top reason for employees wanting to leave their current role (25%), according to the Hays 2020 UK Salary & Recruiting Trends guide. Hays also found that over a third of employees (39%) were unhappy with their current salary and that nearly half (47%) would be tempted to move jobs if offered a better salary and / or benefits package. The Hays and Vested solution will enable SMEs to evaluate, improve and differentiate their remuneration and reward offerings in order to compete effectively for talent.
The complementary partnership will see Hays providing benchmarking services to assist SMEs in assessing the market competitiveness of their benefits and workplace experience. Hays provides assessments on specific aspects of company schemes, such as basic salary, pensions provision, health benefits, and family benefits, amongst others. This service takes into account factors such as market conditions, skills demands and external perceptions.
Where areas for improvement are identified, Vested will provide advisory services to enable these organisations to develop their offerings, as well as sourcing market-leading providers and integrating new benefits. Vested will also support with the design and implementation of the underlying technology to enhance the management and governance of the schemes.
Vested advises across all aspects of workplace benefits, from pensions to health and wellbeing benefits. For example, Vested supported Embark Group in recently upgrading its enhanced Family Leave Policy. From 2020, Embark Group employees will be offered 6 months’ full pay followed by 6 months at 25% pay for both maternity and adoption leave, and 4 weeks’ full pay for paternity leave.
Howard Finch, MD of Vested commented: “As competition for talent continues to intensify, it’s essential that companies regularly review and improve their benefits provisions, as a failure to do so could impact on their ability to attract and retain staff. Our symbiotic partnership with Hays provides SMEs with all the support they need to develop the right programmes. We leverage our technological expertise to ensure that new offerings are integrated seamlessly and smoothly to minimise operational burdens and maximise their value.”
David Cairncross, MD of Hays of London Ebury, commented: “From our research we know that companies are continuing to face skills shortages and competition from other employers when recruiting and retaining staff. The importance of reward cannot be underestimated when it comes to building successful teams, so it’s essential that all companies, large and small, are taking the right steps to benchmark both their salaries and benefits offerings.
We look forward to working with Vested to help provide SMEs with targeted and market specific reward and remuneration strategies.”