Stand Number: D64
QChoice brings greater flexibility to SMEs
Overview: Despite the SME market accounting for approximately 60% of all private sector employment (Federation of small businesses), for one reason or another this group has the fewest employee related benefits. QChoice can help SMEs redress the balance.
The challenge: the ongoing challenges of talent attraction and retention strategy remain as strong as ever, especially with the growing needs and expectations of today’s workforce. In a ‘war for talent’ where many smaller businesses find themselves competing for skilled talented people with larger employers, SMEs need to find ways of making their employee proposition more attractive.
Time for change: the flexible benefit market has traditionally always been linked with the large corporate arena, however the SME market is seen as the next big growth area for flex. The main drivers behind the trend for flex among SMEs are falling costs to set up an arrangement and simpler web-based administration systems that allow relatively small workforces to access a self-service menu of benefits.
About QChoice: Quantum Advisory has developed ‘QChoice’, a flexible benefits solution designed specifically to meet the needs and challenges of the SME market. QChoice provides a range benefits, from lifestyle, through to protection and employee wellbeing benefits. Each QChoice product is sourced with a specific provider that Quantum has selected for the strength and comprehensiveness of their product. The pre-selection of each provider means that the employer does not need to incur time and expenditure determining their preferred provider for each benefit within the QChoice portal. This approach is beneficial particularly to SMEs as it allows them to save cost typically associated with market reviews, and instead only focus on the overall suitability of QChoice for their flexible benefit arrangements.
Struggling to engage your staff? Our solution has been designed with an intuitive user journey to enable simple benefit selection and to empower employees and encourage them to self-select benefits. Our portal allows you to personalise content to attract the attention of your employees’ and meet the increasingly varied needs of today’s diverse and multi-generation workforce.
What do your employees want? Understanding your employees’ motivations towards benefits is a vital ingredient in the successful launch of a flex scheme. Smaller firms usually find it easier to survey staff in order to discover which benefits they would most value. This then makes it easier to tailor their flex package accordingly and avoid making the mistakes of offering too many benefits that staff may not take up. We can help with this process by providing employee survey materials that can be used to understand employees’ opinions and thereby help with the selection of benefits to place within their own portal.
Understanding the hidden costs of recruitment Many organisations tend to underestimate the costs associated with recruitment and retention. These costs fall into 2 distinct areas, firstly the cost of lost output while a replacement employee gets up to speed, and secondly the logistical cost of recruiting and absorbing a new worker. Quantum can work with you to reduce these costs, by implementing a flexible benefits scheme that has been designed specifically around tailoring benefits that resonate with your employees and help you to retain them.
Contact us on the number/email address below to learn more about our offering.
Senior Benefit Consultant
Direct line: 02920-105116
Cypress House, Pascal Close, St Mellons, Cardiff, CF3 0LW