The Ultimate Guide to Group Savings Schemes

‍In today’s fast-paced global economy, companies are constantly looking for ways to attract and retain top talent. One increasingly popular strategy, particularly in the Middle East, is offering a comprehensive Group Savings Scheme (GSS) from the many available options. But what exactly is a GSS, and why are so many employers embracing it?

Let’s explore why a GSS could be the upgrade your organisation needs.

Why Group Savings Schemes are Booming in the Middle East

If you're in the Middle East, you’ve probably noticed the growing interest in Group Savings Schemes. There’s a good reason for this. Offering a GSS is rapidly becoming a must-have for companies looking to stand out in a competitive job market. Here’s why:

Attracting Top Talent

In today’s job market, a competitive salary and a selection of allowances are often not enough to attract the best candidates. Talented professionals seek employers who invest in their future. A well-structured GSS sends a powerful message: we care about your long-term financial wellbeing. This is especially crucial in industries like tech, finance, and engineering, where specialised skills are in high demand.

Enhancing Staff Retention

After attracting top talent, the next challenge is keeping them. Employees are more likely to stay with a company that offers financial security and stability. A GSS can be critical in reducing turnover, offering employees a clear path to achieving their financial goals. For expatriates who might not have access to traditional pension schemes and desire more than the conventional gratuity benefit, a GSS can be vital for their retirement planning.

Meeting Expatriate Needs

In a region with a high number of expatriates, flexibility and portability are essential. A GSS offers just that, allowing employees to continue their savings journey even when they change jobs or relocate. This continuity is invaluable for expatriates who often move across borders and need a reliable way to manage their finances.

What Makes a Group Savings Scheme So Appealing?

1. Flexibility and Customisation

One of the biggest draws of a GSS is its flexibility. Employees can tailor their investment portfolios to match their financial goals and risk tolerance. With thousands of investment options across various asset classes and currencies, they can create a portfolio that aligns with their unique financial objectives.

2. Multi-Currency Support

Multi-currency support is a significant benefit for employees working in a global environment. Many GSS platforms offer investments in up to 11 currencies, including US Dollar (USD), Euro (EUR), British Pound (GBP), Swiss Franc (CHF), Canadian Dollar (CAD), Australian Dollar (AUD), New Zealand Dollar (NZD), and South African Rand (ZAR).

3. Portability for a Mobile Workforce

In today’s world, job changes and relocations are common. Fortunately, a GSS is designed to move with employees, offering seamless portability.

4. No Lock-In Period

Unlike some investment schemes that tie you down, a GSS typically has no lock-in period. Employees can manage their investments as they see fit without being restricted by a fixed term.

5. Cutting-Edge Online Access

Managing investments has never been easier. With a GSS, employees have 24/7 online access to their portfolios, eliminating the need for paper statements and manual transactions.

6. Transparent and Competitive Pricing

GSS platforms are known for their transparency and competitive pricing. Employees can expect straightforward pricing models with no hidden charges.

7. Dual Contributions from Employer and Employee

One of the standout features of a Group Savings Scheme is the ability for both employees and employers to contribute to the plan.

Qualified Financial Advisers for Personalised Guidance

A vital component of a well-managed GSS is the involvement of qualified financial advisers. These professionals provide holistic, one-on-one advice to employees.

Financial advisers help design and adjust investment strategies over time, offering tailored advice to meet employees' evolving needs and objectives.

Why Choose a Group Savings Scheme?

With a strong regulatory framework and robust security measures, GSS platforms offer peace of mind for both employers and employees. They combine flexibility, security, and innovative features, making them an attractive option for organisations looking to provide a comprehensive retirement savings solution.

Act Now: Empower Your Workforce with a Group Savings Scheme

Offering a Group Savings Scheme is a progressive move for any employer looking to attract and retain top talent. They ensure that employees have the necessary tools to achieve their financial goals while offering employers a competitive edge in talent retention and satisfaction.

Message us today to learn how a GSS can benefit your organisation. Our team of experts are ready to speak with you to understand your unique requirements and preferences. We will provide a tailored recommendation that aligns with your goals and ensures your employees are set up for financial success.

Don’t miss out on this opportunity to enhance your employee benefits package. Contact us now to get started!