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Once you’ve determined salary sacrifice is right for your business and employees, it’s essential the policy is tailored to your needs and meets the risk profile of the business.
Start with your objectives – why are you offering the scheme in the first place? Schemes will deliver a combination of attracting and retaining employees, offering your employees improved benefits while supporting environmental, social and governance (ESG) efforts, and can be structured to deliver significant savings.
For example, you may want to introduce a scheme as a way to help your employees with the cost-of-living crisis. Providing access to a new car via salary sacrifice could reduce an employee’s motoring and commuting costs.
We’re also seeing more businesses wanting to encourage employees out of fuel vehicles and into electric to help meet their ESG targets, regardless of the miles they do on behalf of the business.
Whatever your objectives are, your scheme partner should work with you to define and refine your salary sacrifice policy in line with your needs. You must also fully understand and consider the potential risks involved and the solutions available to manage and mitigate them.
Finally, a salary sacrifice scheme should always be tailored to your business and employees. Every employee base is different and how the scheme is communicated, the employee journey and the ongoing support should all be tailored to your business and culture.
An off-the-shelf solution that doesn’t recognise and cater for this, may well be a scheme’s downfall.
For more information, contact us:
● 0113 391 1791
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