Employee Benefits

At Optimate Financial Solutions, we believe that the primary role of the employee benefits consultant is that of a strategic advisor to assist the client organisation in the formulation of its employee benefits strategies; the integration thereof in the broader remuneration and rewards strategies; and as partner in the co-ordination and implementation of these strategies to employees.

As such, the consulting role can be broken down into 6 main components:

Strategic Advice

We aim to educate the decision makers on the various strategies and structures available in the market (highlighting the pros and cons and cost/ benefit implications of each potential strategy) and keeping them informed of market benchmarks and developments so that they are empowered to make sound decisions around the employee benefits arrangements. We are problem solvers and pride ourselves in our ability to assist clients to realise their objectives in difficult circumstances, using creative or unique solutions. Through strategic advice and engagement with the decision makers, the administration, risk benefit, investment and communication strategies are formulated with appropriate service providers.

Strategic Implementation

Optimate Financial Solutions ensures that these strategies are distilled into implementation plans, that plans are communicated internally (to staff) and to the appointed service providers. It is essential that the broader employee benefits strategy is not only implemented but effectively communicated to the stakeholders – members /employees being the most important.

Facilitation

There are many service providers and moving parts involved in the provision of an employee benefits programme. HR, payroll staff, fund administrators, insurers, asset managers, asset consultants, advisors as well as the employer and the management committee appointed to oversee the arrangements are some players. As consultants we act as facilitators between all parties and co-ordinate and monitor service delivery of the various service providers to ensure the efficient delivery of employee benefits. This ensures that the employer and management committee have a single point of contact (and responsibility) in respect of all aspects of the employee benefits arrangements.

Secretarial Services

We prepare appropriate agendas, supporting materials and reports for all management committee meetings which we circulate to the management committee prior to the meetings. We take minutes of all meetings which are distributed to the management committee after the meetings. These are retained in the Fund’s minute book, for future reference. We assist with the drafting and recording of all special rules, governance policies and resolutions of the management committee and offer general secretarial support to the management committee.

Operational/Technical Support

We believe that, as far as possible, all transactional and operational activities should be handled by the (outsourced) appointed administrators of the Fund and should harness available technology within the client’s organisation (HR/ finance/ payroll departments) and the administrator. The administrator has after all been appointed for its operational strength and capacity. Where problems or unusual cases/ circumstances are encountered or where an element of discretion or advice is required in respect of a transaction, Optimate Financial Solutions will provide the necessary support.

Monitoring and Evaluation

Ongoing monitoring of service providers is required in order to ensure that they deliver in accordance with their service level agreements. Ongoing service provider reviews are required to ensure that the services being rendered are in line with industry trends, best practices and remain competitively priced. Optimate Financial Solutions will ensure that the decision makers are provided with regular reporting and dashboards to enable them to be in a position to monitor and critically evaluate the performance of their selected service providers.

Regarding ourselves as business partners of our clients and given our deep-rooted desire to problem solve, we often provide support or add value in other areas, which may fall outside of the scope of our appointed consulting services. Where we may uncover a particular need of our clients’ or a problem they are experiencing we would assist in fulfilling that need or solving that problem.