Quantum Advisory, the leading independent financial services consultancy, today announced the launch of a new solution designed with small to medium (SMEs) employers in mind.
The service, which has only been available to a handful of existing clients to now, will advise SMEs on group risk, healthcare and wellbeing solutions tailored to them, and to best meet the evolving needs of their employees.
Commenting, principal consultant Graham Yearsley, who leads the employee benefits team at the firm, said: “Although gradually improving, the experience of small to medium employers in the market is generally still poor – they are often overlooked, cannot access the same resources and opportunities as larger organisations, and the quality of advice and consultancy they receive can be lacking. With SMEs by far the majority of the market, the disparity in service levels is unacceptable.
“According to government statistics, in the private sector 5.51 million businesses in the UK have less than 49 employees – this accounts for 99.2% of the total business population. Around 37,000 are medium sized and have 50-249 employees and only around 8,000 are large at 250 employees or more. And it’s growing, in 2023 there was a 0.8% increase of SMEs from 2022.
“Employee benefits programmes are critical attraction and retention tools – meeting employee expectations, ensuring the wellbeing and ongoing loyalty of staff, as well as optimising engagement. Getting it right is important whatever your size, but for SMEs it’s crucial.
“Recruitment is extremely competitive at the best of times and offering ever increasing salaries simply isn’t an affordable option, and neither does it address the overall wellbeing of staff. Frequent staff turnover can also be a real issue for a small employer, and difficult to manage. An expertly executed benefits package can have a big impact on an employment decision and, by proxy, the quality and loyalty of a team.
“It has to include honest investments in employees’ financial security, total health and career growth. As well, of course, as being accessible and affordable for an employer.”
Yearsley continued: “Our independent status means we can act nimbly and innovatively, creating truly bespoke solutions that are fit for purpose. We are able to access new and interesting things and act upon them quickly without the shackles of external shareholders – resulting in direct benefits to our clients and to their employees.”
