Corporate Financial Services
Whether you currently offer your staff benefits or are considering offering your staff benefits, you really should give us a call. We have cleaned up and taken over existing schemes that were set up years ago that were either poorly set up or poorly managed or both. Weak management and setup is a wasted expense and we want to ensure you get value for the money you are spending.
If you have not yet taken the leap and offered your staff benefits because you think it is going to be an added expense to your bottom line, we have set up schemes for employers for their entire staff compliment for less than what they were spending in their personal capacity for the members of their family run business. Remember you get a full tax deduction on the risk premium and you are group rated which could be hugely beneficial depending on your age and health status. As a business owner you can also incorporate your own financial planning into the group benefits rather than using your hard earned, after tax income to fund your personal risk. You also remove any liability of having to fund staff tragedies from yourself or your business and shift that liability to a service provider.
Offering your staff benefits is also a retention tool, people want to work where they feel looked after, and it feels good! it is the right thing to do and structured correctly may even save you money in your personal capacity.
Taylored Financial Solutions specializes in offering big benefits to small companies. Often small business think that they are too small to offer staff benefits, but if you have 5 or more employees and you would like to offer your staff group risk and retirement cost effectively, we are able to create a product specifically for you. We can offer off the shelf plug and play solutions as well as tailored solutions.
What’s the difference between a plug and play solution and a tailored solution?
An “off the shelf solution” has already been structured to offer :
1.5 x annual salary in life cover
1.5 x annual salary in disability cover
Family Funeral benefit of R10 000 and a % of your payroll going towards retirement.
The risk cost is set and there are some value added benefits like free ambulance, medical and legal assistance thrown in. It is all wrapped in a pretty bow called your pension fund and the risk cost is set at 2% so it does not matter what industry you are in, you will qualify for cost effective risk and retirement prepackaged and ready to go. All we need to assist is a copy of your payroll. You have flexibility in what % you as the employer contribute towards the benefits and what % your staff contribute towards the benefits. Simple, cost effective solutions for all employers regardless of your size or industry.
A tailored solution means we sit down and break your staff into categories and are able to offer staff benefits based on the demographic of that category. For example as the owner of the company you may want 10 x annual salary in life cover as it is cheaper to get your cover through a group scheme with a tax deductible expense to the company than to get your cover individually with your after tax money. Or for example if you have sales reps on the road you may want them to have income protection to alleviate your company of the responsibility of paying for a staff member who is off work for months due to a motor vehicle accident whilst in your employ. If you have a factory you may want to only offer funeral benefits as this is often a major concern for blue collar workers. You decide and we will tailor a solution for you and then get 6 quotes to ensure you are getting it at the most cost effective price the market has to offer. Often we have been able to absorb business owners personal financial planning into the group scheme, saving them money in their personal capacity, offering the employer a retention tool in benefits to his staff and given him a tax deductible and claimable expense. Besides helping you the business owner, it feels good to be able to offer your loyal staff cover they would not have access to otherwise and for staff that have been with you for years it feels good to bid them well on their retirement with a lump sum in hand.