For most businesses, the human assets - the staff they employ - are more important than the physical ones. What use is high technology without the experience and expertise that is needed to put it to work? And human assets can often be much more difficult, and indeed expensive, to replace.
You probably have regular servicing and maintenance contracts to take care of your firm's buildings and the machinery and equipment inside them.
But what if members of your staff suffer a serious illness, or are too ill or disabled to work over the medium to long term? Do you have any arrangements in place to help them financially and, if possible, speed their return to the workplace?
Consider these three points:
- As you probably know, there are schemes available that pay out a lump sum to accelerate recovery from the financial and emotional trauma of serious illness, and a regular income to replace the salary of someone not fit enough to work over the longer term.
- Today, in addition, there are schemes which also provide counselling and advisory services which guide both your company and your employees on how to cope with the situation, and ideally find a viable and practical plan to get your employees back to work.
- And traditional life assurance, which can protect your employees' families and dependants, increases peace of mind for all concerned and helps to establish your reputation as an employer who cares - an increasingly important issue in a competitive labour market.
The cost of protecting your people and their families against the financial consequences of serious illness and death is probably much lower than you would expect: only a small proportion of total payroll costs.
We can tell you more about the strong case for employee financial protection, together with the solutions available through St. James's Place Wealth Management. For further details please don't hesitate to contact us.