CASE STUDY: Malmaison
Client since 2003
Having worked with Malmaison for over a decade, we have successfully implemented a range of benefits schemes to ensure the company are continiously providing a unique benefits offering to all employees. They even won "Most effective benefits strategy for organisations with more than 1,000 employees" by the Employee Benefits Awards in 2009.
Why did Malmaison need help?
With no systematic pension plan in place for its staff, the company wanted a more attractive benefits strategy to help retain high quality staff- a particularly complex task in the hospitality industry in which the company operates.
The communication of the existing benefits to staff was also poor and Malmaison therefore required the expertise of DAM to help maximise its value from its investments in benefits- cutting back on costs and increasing the extent to which employees were satisified with the benefits offerings.
What did DAM do for Malmaison
Reviewing the company’s existing benefits provision, we looked for better benefits products on the market to ensure Malmaison were offering their employees the best benefits options possible. This has enabled us to:
- Introduce pension and healthcare schemes for all employees. These benefit schemes have been streamlined across departments to bring about synergies and drive costs down
- Provide financial advice sessions to ensure all employees are making informed financial choices - this has proven particuarly useful as a result of the pension changes in April 2015.
- Hold one-to-one reviews with staff in the pension scheme allows us to ensure all funds are well invested to ensure superior returns, as well as make any necessary changes should employees circumstances change
- Over the years a range of new benefits have also been introduced, including online shopping, life assurance, mortgage advice and financial advice – each receiving positive feedback
- Annually review the company’s current and future benefits opportunities to ensure Malmaison is aware of any future opportunities that may appeal to their staff, further positioning the company as a top employer to work for.
What were the results?
- Nearly all employees at Malmaison signed-up to a pension scheme prior to auto-enrolment legislation
- Malmaison saved on adviser/consultancy fees
- The company saw attrition rate drop to 25%, whereas that of the hospitality industry average stands at 50%. This saved £240,000 in recruitment costs
- Malmaison was awarded the "Most effective benefits strategy for organisations with more than 1,000 employees" by the Employee Benefits Awards in 2009. The prize was awarded to Malmaison & Hotel du vin hotels in association with Davidson Asset Management
"There is a huge relationship of trust from all our employees with DAM that the benefits are provided through reputable companies providing the best cover. DAM offer great advice both centrally at provision as well as direct employee advice and I would not hesitate to recommend working with them".
Lindsay Southard, Director of People & Development, Malmaison