Case Studies
2 min read

How Agencies can become the prime candidate
for top recruitment talent

One of the biggest challenges for recruitment agencies, is losing their best talent; putting strategic client relationships and repeatable billables at risk. Ambitious agencies are switching their pension scheme to eurikah, to help attract and retain top talent, protect revenue and support employee wellbeing.
-
47
%

Staff Turnover

The client saved recruitment, training and operational costs within the first 3 months post-switch
+
100
%

Pension Performance

All staff are now forecast to surpass the PLSA minimum retirement living standard, before the switch to eurikah, less than 20% of staff were on track
+
100
k

Cost Saving

With a reduction in staff turnover, the business saved time and money on recruitment and training
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Written by
Chris Gawne
Published on
17 January 2024

Introduction

A UK-based recruitment agency, faced a common, industry challenge: high staff turnover, which directly impacted its billable revenue. With around 250 employees, the company realised the urgent need to improve employee engagement, morale, and reduce employee churn to foster a more stable and productive work environment.

The ask

Following an outreach campaign conducted by eurikah, out client set up an intro call and undertook a period of due diligence. The primary objective was to implement a workplace pension scheme that would not only improve employee financial security in order to boost morale and retention.

eurikah's pension implementation process spanned 8 weeks and involved several crucial steps:

Switching to eurikah's Scheme: Transitioning employees from the existing pension provider to eurikah's scheme, ensuring a seamless transfer.

Pension Transfer: Facilitating the transfer of employee pensions from the incumbent provider to eurikah, ensuring continuity and efficiency.

Digital Platform Setup: Setting up both employers and employees with eurikah's digital platform, providing easy access to retirement planning tools and information.

Employee Engagement Sessions: Conducting targeted employee engagement sessions to raise awareness about the pension switch and emphasise the importance of saving for retirement.

"We've always accepted the issue of high turnover within our industry, especially for our higher performers. We're impressed with the short term results and encouraged that innovate solutions like eurikah's are providing businesses with something different, that delivers positive results for employers and employees alike!"
Conclusion

The impact of eurikah's program yielded significant, immediate improvements across multiple areas:

Improved Retirement Outcomes: Prior to the implementation, less than 20% of employees were on track to afford the Minimum retirement living standards. However, post-implementation, every employee was on track to meet these income standards, showcasing the effectiveness of eurikah's pension scheme.

Enhanced Financial Security: Over 80% of employees were forecasted to achieve a Comfortable retirement without needing to increase contributions or delay retirement past the current state retirement age, highlighting the substantial improvement in financial well-being.

Increased Productivity: Management reported a substantial increase in productivity, with month-on-month billable rates rising by over 15% with staff turnover also trending downwards. These results show how addressing employee financial wellbeing can directly improve employee engagement and morale.

High Employee Engagement: An internal employee survey revealed the highest levels of employee engagement ever recorded, indicating a positive shift in the company's culture and work environment.

To explore how eurikah's employee benefits platform can empower your hospitality business, use the "Get Started" button below to contact us today.

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Frequently Asked Questions

Everything you need to know about the eurikah workplace pension.
Is the eurikah pension safe?
In short, yes! We're set up, administered and regulated like any other pension scheme in the UK.

The eurikah pension scheme is administered by Astute Finanical Management (UK)Ltd, who are authorised and regulated by the Financial Conduct Authority.

Our scheme is also protected by the Financial Services Compensation Scheme.

Clients monies are held in segregated accounts via Tier 1 UK banks and client assets are also held in trust.

This is designed to ensure that should anything unforeseen happen, your cash, assets and financial future are never at risk.
Can i open a GIA, ISA or SIPP and invest in the eurikah portfolios?
Yes. If you're an individual investor interested in taking advantage of eurikah portfolios, please get in touch here.
What are the fees involved?
Each scheme is priced individually, depending on a range of requirements. If you'd like to discuss your specific needs please don't hesitate to get in touch here.
Are you auto-enrolment compliant?
Yes. You can select your contribution basis (by qualifying earnings of by certification), set up a pay reference period, even set a postponement period if required.

Our team of pension experts are on hand to help you get set up and running quickly, automate cyclical re-enrolment and manage any opt-outs.
Can we offer the eurikah pension alongside our existing scheme?
Absolutely. Setting up a scheme to run alongside your existing provider is quick and easy, we'll even come onsite or attend team meetings online to raise awareness of the eurikah pension and its potential benefits, to your employees.

It's then up to your employees if they want to opt-out of your current scheme and into eurikah. We can then integrate into your systems to make running the scheme simple, easy and fast.

Get in touch today and we can support you getting started!
Do you support additional tax-efficient savings, like Workplace ISAs?
Yes! We can offer a range of tax efficient investment wrappers that can be harnessed to further support employee financial prosperity, if you'd like to know more about setting up a Workplace ISA or any other supporting schemes, please get in touch here.
Is eurikah available as a 401(k) or to other non-UK based companies?
Yes, the eurikah pension scheme can be adminsitiered globally. If you would like to offer the eurikah pension to employees outside of the UK, please get in touch here.
Do you offer salary sacrifice?
Yes! we offer both contributions using salary sacrifice or contributions via net pay
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