Translation: "Employee welfare plans can reveal new possibilities. Let's explore the opportunities."
Our firm has set up a team of lawyers dedicated to employee compensation & benefits, including welfare benefit plans.
Employee welfare benefit plans are a fundamental and very powerful management and organisational incentive, the implementation of which requires the involvement and coordination of various corporate departments, such as HR, Tax, Legal, Operations and Communications, etc. Such plans have a significant internal and external impact on companies and, as a result, require a multidisciplinary advisory approach, considering the variety of professional skills required for managing the whole process.
The changes in legislation that have taken place over the last four years – the Italian Stability Law 2016 and the Italian Budgets 2017, 2018 and 2019 – have catalysed changes in employee welfare benefit plans, thereby signalling a new employee welfare model. We are no longer faced with a system of works, goods and services which mainly have social interest, but a new and, if used correctly, very effective incentive for organisational innovation.
Our firm is able to provide clients with legal and tax advice for the planning and implementation of complex employee welfare benefit and/or flexible benefit projects, related support systems (business analytics and document management), and the organisational flows and processes necessary for the management of the project - with all of the above being integrated in the company’s compensation system with a view to create a system that is not only completely rewarding, but also optimises the company’s tax and social security contributions.
Our dedicated team is able to provide clients with 360-degree support. Following an audit of any compensation system that may already be in place (including assessments from taxation and employment law perspectives), an analysis will be carried out of the possible courses of action, possible cost-saving scenarios and the budget for the project, which will be complimented by the provision of support in second-level negotiations, as well as for internal and external corporate communications, concluding with the drafting of all of the documentation necessary for realising the project.
The team can also provide support and training to internal departments involved in the project - HR, legal, tax, marketing and communications - working side by side with them at all stages of the project, including for the training of Italian works councils and the drawing up of communications and information provided to employees, as well as the subsequent monitoring of the plan’s implementation.
The implementation of a successful employment welfare benefit plan is a well-structured process and is difficult to standardise. It requires the work and collaboration of different corporate departments and, often, external professionals too, each of which specialise in a different field of work. Depending on the complexity, the size and the characteristics of the company, as well as the targets and the way in which the plan is implemented, the process can last several months, as well as require significant experience in the sector, so as to ensure the best management possible of any situation that may emerge during the implementation process of the plan.
How much does it cost?
The service is always tailored to each company and is performed on the basis of a fee that is agreed upon beforehand with the client. The fee charged largely depends on the size of the company, the complexity of the corporate organisation, the stages of the project for which we are instructed, the level of cooperation that the client is able to provide with regard to the extraction of the necessary data for the analysis, and other factors that are analysed together with the client.
One thing is certain though: an employee welfare benefit plan that is done well will pay the company back, not only economically but also with regard to the positive effects that it has on the members of the company and the corporate organisation.
WHO CAN I CONTACT TO FIND OUT MORE?
For further information, please contact Donatella Cungi (Firm partner and head of the firm's Employee Welfare Benefit team).