Millfield has set up an employee benefits service.
Millfield Employer Partnership uses the Millfield employer value enhancement system to create bespoke employee benefits solutions, targeting SMEs and blue-chip employers.
Millfield believes there is a lack of proactive employee-based financial advice in the market and it aims to address this through its scale and national coverage to offer individual tailored financial advice and benefits information to each employee. It says this is an important service as more and more employees contend in lawsuits that losses in their investment plans could have been avoided by their employer.
The firm believes legal action could cost UK businesses dearly in the future, with a lack of proactive information and employee financial advice. It says many firms also waste money providing employees with a range of benefits that are underutilised and undervalued.
MEP says it will help combat and avoid these problems by providing organisations with employee benefits packages and communication strategies tailored to the employers' and employees' needs.
Director Neil Stevens says: “With this new launch, we will be in an ideal position to take advantage of our strengths and expand our role in this rapidly growing market.”
Millfield Group chief executive Paul Tebbutt says: “Not only do we have the infrastructure to provide consistent service, we also have a unique proposition which will help to ensure employee benefits really do benefit employees.”