We have set up a dedicated team to support you in defining Employee Benefit Plans.
An employee benefit plan is a fundamental and very powerful managerial and organisational lever. Its implementation requires the involvement and coordination of a variety of departments – HR, legal, finance, tax – and, consequently, a multidisciplinary consultancy approach, considering the different professional skills necessary to manage the entire process.
The regulatory evolution of recent years has boosted changes to employee benefit plans, leading to a new Total Reward paradigm. We are no longer faced with a system of works, goods and services having mainly social utility, but with a new and, if used correctly, very effective lever of organisational innovation.
Our advice concerning Employee Benefit Plans
Toffoletto De Luca Tamajo can provide clients with advice concerning the design and implementation of complex employee benefit plans and/or flexible benefits management. We support you from the identification of any relating support systems (business analytics and document management), to the organisational financial flows and processes necessary for project management, integrating these elements into your company’s compensation system, with a view to Total Rewarding, as well as tax, social security and other withholding tax optimisation.
Our team provides clients with holistic support. Possible follow-up actions are defined after auditing an existing compensation system, including a tax assessment of benefits paid to employees. You can choose to define an on-top benefit plan (donation from the employer) or a benefit plan deriving from the conversion of the performance bonus (for which a supplementary agreement with the relevant Consolidated Trade Union Representative (RSU)/Corporate Trade Union Representative (RSA) is required).
On-Top Benefit Plan
This is the most flexible solution for a company, which can select the categories of employees that are entitled to participate in a employee benefit plan and its overall amount. It requires a unilateral company-level regulation, which we can draw up for you.
Performance Bonus Conversion
An excellent way to increase business efficiency and to reward employees is the introduction of a Performance Bonus through second-level corporate bargaining.
The performance bonus is one of the most commonly applied incentive tools. It can be paid as direct compensation included in the pay slip, or converted into employee benefit goods and services, if provided for in the supplementary agreement. The parameters for introducing a performance bonus with these requirements must be agreed with the relevant RSU/RSA representatives. We can also identify objectives for operating margin, a reduction of absenteeism rates, number of contracts signed with new customers, and waste reduction. Our consultancy services allow an economically sustainable performance bonus to be defined, also considering the medium-term business objectives of your organisation.
A 360-degree service
The team also provides support and training to the internal departments involved in the project. We can support you in all project phases, through specific training, communication and information to employees, and post-implementation monitoring.
How much does it cost?
The service is always tailored and provided on the basis of a fee agreed with the client, as determined on the basis of the following parameters:
- size and complexity of the corporate organisation;
- phases of the project for which we are asked to assist;
- degree of support that the client can provide in providing the relevant analysis data;
- other factors that we will analyse together.
But you can be sure of one thing: a well-structured employee benefit plan pays for itself, both in economic terms and in terms of the positive effects it generates on the company population and organisation.
Contact Diego Paciello, Head of the Tax, Compensation & Benefit Division.
