CASE STUDY: The Dorchester Collection
Client since 2011
When we first began working with the Dorchester Collection in 2011, our aim was to help the company position itself as one of the best employee benefit providers within the hospitality industry. And we did just that. Introducing a company pension scheme, and holding regular financal education sessions, we have successfully increased staff membership in the company pension scheme by 25% as well as decreased the company's overall costs by 30%.
Why did The Dorchester Collection need help?
Eager to provide a “robust benefits strategy”, the company wanted help to ensure their benefits strategy would attract high quality staff - a particularly complex task in the hospitality industry.
And with the communication of existing benefits to staff also very poor, the Dorchester required the expert knowledge of DAM staff to ensure their employee benefits scheme would allow them to stand out of the crowd and help to retain existing staff.
What did DAM do for The Dorchester Collection?
Reviewing the company’s existing benefits provision as part of our employee benefits review service enabled us to determine if there were more cost-effective options out there. Where necessary, we looked for better benefits products on the market to help cut back on costs and ensure the Dorchester were meeting employee needs.This enabled us to:
- Hold one-to-one reviews with staff, including new starters, to explain the company’s benefits package
- Effectively launch a pension salary exchange scheme to make savings for staff- holding regular reviews with staff in the pension scheme to ensure their funds are well invested to maximise returns for members
- Annually review the company’s current and future benefits opportunities, to ensure they are continiously offering the best benefits packages available.
- Provide financial education sessions, including general information regarding ISA's, mortgages, Life Assurance, Investment and Retirement Planning to help ensure employees are engaged in their own fiancial wellbeing and feel confident and comfortable in their financial state. Through offering a mixture of group and one-on-one sessions, we help to overcome any major concerns and provide employees with the support and guidance to feel financially educated.
What were the results?
- There was a 25% increase in the company’s pension membership
- There was a 30% decrease in the company’s overall costs with benefits partners
- New benefits were introduced such as online shopping, life assurance, mortgage advice and financial advice – each receiving positive feedback
- The Dorchester Collection actually saved on adviser/consultancy fees for the Defined Contribution (GPP) and Defined Benefit schemes, saving more than £75,000 per annum
- The company saw retention of staff improve
According to Sean Wheeler, area director of Human Resources @ The Dorchester Collection UK
“I am delighted to be working with Davidson Asset Management as our benefits partner. Having worked with them for over 9 years now I know the service and support they offer is second to none.”