How does 1.618 Group assist companies with employee benefits?
Posted in Broker In Your Pocket on May 13, 2024
A lot of companies don't realise the impact that it can have on employers, and employees for that matter, for keeping employers happy, and also the value that employers add to their members.
The value from 1.618 is that we can offer very holistic approach to the Employee Benefits, or what we often term EB benefits. We focus on Pension Provident Funds, Risk Benefits even Medical Aid.
EB benefits have become quite an important factor in South Africa. A lot of times, people do not plan for their retirement. They're not looking at the future.
When we approach clients, and the benefits and looking at a corporate benefit, it's important for us to show the value which will be employed not only to them through tax purposes, but also to the employee.
Many employees think that because they are contributing to an investment or doing some form of financial planning, their EB benefits are not necessary, and vice versa - they think if they do have EB benefits, personal planning is not important.
So, from our perspective, it is important to go in and actually engage with clients who have got EB benefits, see how we can look at it and see where we can add value. Maybe restructuring, is everything in line with legislation? We're also going to market test for them, which is quite important to make sure that the offering that they have is the best for their members.
When we look at the holistic approach, we need to look at it from start to finish. What is the company doing? What is the company offering? And how does that actually feed into the employers benefit and also into the employees?
So, when we look at it, it's important to understand that it's not just that we're offering a product, but also how does it affect the employer; and what value can the employer have to employee.
Lee Vakis - MD of 1.618 Corporate Consulting
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