Praxis consulting services for employee benefit plans in the Middle East

In today’s competitive landscape, providing comprehensive and attractive employee benefits is essential for Middle East companies looking to attract and retain top talent while meeting the region's evolving regulatory requirements.

At the recent Informa HR Summit & Expo in Dubai, we spoke to delegates from across the private sector including those in hospitality, energy and insurance about how to create impactful scalable and sustainable benefit programmes.

In this Q&A, James Barber-Lomax our Group Head of Pensions & Employer Solutions explores how our consulting services are helping organisations navigate the complex regulatory landscape.

What consulting services does Praxis provide in the employee benefit schemes arena?

Praxis offers specialist consulting for employee savings plans, end of service benefit plans (EOSB), and share options plans. Our goal is to help organisations in the GCC and beyond navigate complex regulations and establish benefits that enhance their employer brand and contribute positively both to the workforce and wider society.

What are the advantages for corporates in partnering with Praxis for benefit consulting?

Partnering with Praxis enables firms to avoid costly pitfalls and maximise the value of employee benefit schemes. These issues came through at the October HRSE event, with organisations concerned about:

• Increasing employee satisfaction and retention - by designing attractive and sustainable benefits, firms can boost employee morale and loyalty, positively impacting productivity and retention.
• Maintaining a competitive edge in talent acquisition - a well-crafted benefit programme is a strong differentiator, helping companies attract high-quality talent in a competitive market.
• Building operational efficiency - our expertise allows organisations to streamline processes related to benefits administration, saving time and resources. Using our expert knowledge of  these plans, we can also ensure that the design factors in administrative possibilities and costs considerations.

What are the potential risks of not using experts like Praxis in designing employee benefit plans?

Without expert guidance, companies face significant risks that could compromise their competitive position and expose them to legal or financial consequences. These include:

• Regulatory non-compliance - misinterpreting or failing to meet local legislative standards could result in costly penalties or legal challenges.
• Financial inefficiencies - poorly structured benefit schemes may lead to excessive costs without delivering value to employees, impacting the company's bottom line and the employees’ investment returns.
• Reputational risk - inadequate or improperly managed benefit programmes can harm a company’s employer brand, potentially reducing employee engagement and higher turnover.
• Employee dissatisfaction - ineffective benefit schemes may fail to meet employees' needs, leading to reduced morale and increased attrition.

How does Praxis support businesses in developing tailored benefit solutions?

Our team works closely with yours to develop bespoke solutions that align with your objectives and meet regulatory requirements. Our core services include the design and optimisation of suitable plans to develop sustainable attractive solutions that benefit employers and employees alike.

We also provide end of service gratuity management and share options scheme development, crafting competitive plans tailored to help attract and retain top talent.

How does Praxis balance global expertise and local insight?

We have been committed to UAE since launching an office here in 2010. PraxisIFM Trust Limited (Praxis) was incorporated and licensed as the first trust company in the ADGM in 2016. During the same year, we acquired a local business that had been providing end of service and employee savings administration services to local corporate clients and trust companies for more than 15 years – adding to the domestic footprint of staff, experience and local knowledge.

Praxis has been running end of service gratuity plans and employee savings plans in the UAE since 2017 for a range of clients, including ADX publicly listed companies, sovereign wealth funds and a range of privately owned businesses spanning multiple sectors, including hospitality, health care and financial services.

With extensive experience in financial consulting and cross-border projects, Praxis combines global expertise with local knowledge, enabling us to develop innovative solutions adhered to regional regulations. We maintain a forward-thinking approach, staying ahead of industry trends and regulatory changes, which means our clients receive the latest insights and guidance.

Why choose Praxis for consulting on pensions, end-of-service benefits, and share options schemes?

With a proven global track record and a dedicated team of experts, Praxis offers a holistic approach to benefit schemes. Our team has deep experience in pension plans, EOSB and share options plans, making us exceptionally well-positioned to support organisations looking to elevate their employee benefit offerings and meet regulatory requirements effectively.

Visit our service page to find out more about our Pensions & Employer Solutions or contact James Barber-Lomax directly.

PraxisIFM Trust Limited is authorised and regulated by the Financial Services Regulatory Authority

Please note that this article is intended to provide a general overview of the matters to which it relates. It is not intended as professional advice and should not be relied upon as such. Any engagement in respect of our professional services is subject to our standard terms and conditions of business and the provision of all necessary due diligence. © Praxis 2023