Employee Benefits
Our philosophy is simple; we have a holistic focus on employee and organisational wellbeing to give the best possible outcomes for a business, centred around the employees at their heart. It is this guiding principle that shapes every aspect of Quantum’s comprehensive approach to employee benefits, financial wellbeing, employee communications and workplace culture.
We are passionate about delivering excellence in customer service to every employer working with us, whilst providing a wealth of specialist knowledge to create the right solutions for your organisation and employees, recognising that a ‘one size fits all’ approach is rarely appropriate. Our consultancy services, which includes administration services, for risk-based and private medical benefit schemes will enable you to feel confident your employees have the right level of cover. Our services can help you to manage your risks and ensure you get value for money.
Quantum is independent of any one provider. We believe a key element of our health and wellbeing offering stems from the good relationships we maintain with all our business partners – working hard with all group insurance providers to understand their business and the particular strengths of their offerings. This gives us the ability to ‘match’ clients with insurers that are aligned by common business aims.
Our Approach
We assess the group risk insurance market, researching developments which may stem from legislative changes or market competition, and keep clients abreast of any changes which may be required to existing arrangements.
Our expert team is well versed in auditing existing arrangements, carrying out market reviews which encompass products, providers and the cover in place to ensure they remain fit for purpose, and providing ongoing administration, which includes the renewal process and assisting with claims as required.
We will provide information about insurers’ complementary services and updates should these change during the year.
Protecting your Employees
- Group Life Insurance – Provides peace of mind should the worst happen. An employee’s dependents (where applicable) will normally receive a tax free lump sum to help cover their financial commitments.
- Group Income Protection – Provides a continuing income for employees if they cannot work long term due to illness or injury, enabling employees to pay their bills.
- Critical Illness Cover – For qualifying claims, provides a tax free lump sum to an employee who is diagnosed with one of a wide range of potentially life threatening conditions, such as cancer, heart attack, or stroke.
- Private Medical Insurance – Private medical insurance provides quick access to healthcare specialists, enabling employees to get the best possible treatment for themselves and their dependents, enabling a quicker return to work.
- Dental Insurance – Provides your employees to easy access dental treatment without the fear of substantial dental bills. Providing this benefit will also reduce absence related costs.
- Health Cash plans – This provides employees with access to preventative treatments.
- Employee Assistance Programmes (EAPs) – Providing a helpline, giving employees access to support from professional individuals on a variety of issues, including family difficulties, financial advice and legal support.
- Health Screenings – Identifying any health problems, whilst also providing advice on how an employee can improve their general health. This effectively works as a ‘health MOT’ giving employees focused considerations to support their health.
- Occupational Health – Supporting employers to manage sickness absence.
- Financial Wellbeing – Providing access to financial education programmes.
- Mental Health Support – One of the biggest challenges facing employers, so it is essential to have a robust plan in place to fully utilise EAP’s and healthcare, where appropriate. It is also possible to provide support such as onsite mental health training and building resilience courses, whilst providing access to educational programmes, including apps.
Flexible Benefits
Quantum has developed a flexible benefits product (Flex) specifically designed for small and medium-sized enterprises (SMEs) called QChoice.
QChoice is an online flexible benefits portal offering a great way to ensure employees have one central point of reference for their employee benefits. The portal ensures that employees can pick and choose benefits that are important to them, reminds them of all the benefits provided through their employment, plus provides a Total Reward Statement (TRS), which shows employees the true value of their employment benefits package.
Employers need to ensure that they protect their investment in people. Good employers will do this by engaging, motivating and ultimately retaining employees through the provision of staff benefits.
Whatever the size of your organisation, understanding your employees’ motivations remains a key ingredient in the successful launch of any flex scheme. This can start by conducting an employee insight survey. With the huge variety of benefits available today, it’s important to remember that providing employees with a choice of benefits is, on its own, not enough; it needs to be the right choice of benefits which helps ensure an engaged employee population.
QChoice delivers a fully mobile, responsive experience, enabling employees to make their choices via smartphone, tablet or desktop. ‘Anytime, anywhere’ is now a reality, rather than a dream.
- QChoice, Quantum Advisory’s flexible benefit platform makes the process of selecting benefits easy for your employees with a few simple steps, by ensuring your employees have all the information they need to make the right choices
- QChoice takes away the pain of having to do due diligence on benefit providers from an employer and the need to negotiate terms, as QChoice has already undertaken the due diligence and secured pre-agreed pricing to ensure you deliver the most competitive solutions available.
- The risk of doing nothing
Replacing staff is an expensive business; firms have long understood that losing staff is a key risk to success, but the financial cost of staff turnover has received little attention. Many organisations tend to underestimate the costs associated with recruitment and retention.
- Getting value for money
Few companies know what their return on investment is from their employee benefits package. Many don’t even know which perks are most popular or why. Boosting salary might sound like the easiest option for improving benefits, but it will hardly be the most cost effective. By way of an example, an organisation employing 200 staff, each earning an average £30,000, will spend an extra £60,000 per annum having given a 1% pay rise. For a fraction of this cost, the same organisation could implement Flex and start to develop a far more engaged workforce.
Talk to our team
Get in touch with our friendly team today to talk about how we can help your business.