Children’s Medical Research Institute
“The overall deal met all our objectives and is better for the company and for staff members. The transition went smoothly. Lifestyle’s team is very accessible, providing ongoing advice and support for staff. There have been no staff complaints at any level, which is a nice change from before. We’re very pleased with our decision to review the landscape and are glad we did it with Lifestyle.
Children’s Medical Research Institute (CMRI), also well known for its Jeans for Genes brand, is an independent, world-class, medical research institute with over 150 staff and growing. The Institute has developed employee benefits plans over many years, through various channels, and was not particularly happy with any of its service levels or the overall separated structure of the plans and packages. Management decided to conduct a review and Lifestyle was a recommendation from a previous client, now working at CMRI. Shane and his Lifestyle team volunteered to provide a review and then suggested courses of action to meet CMRI’s objectives.
CMRI’s objectives were, as follows:
- Supply benefits at least comparable to or better than existing employee packages;
- Advise on best structuring of insurance payments, either within or outside the corporate superannuation plan;
- Provide a cohesive package of benefits and services to CMRI employees, including ongoing assistance for the company and all staff; and
- Achieve best pricing possible and preferably better than current providers.
The Lifestyle team reverted some four weeks later with some options for CMRI to consider. Previous structuring of benefits and providers was discussed with CMRI’s management team and better alternatives laid on the table. Lifestyle negotiated quotes with the preferred providers. Ultimately, benefit levels were maintained at better pricing for the company and employees. Two information sessions were held for staff with over half of staff adopting the new plans immediately. As well as group sessions, one-on-one meetings with staff were held, when requested. Follow up meetings have been held with further staff joining the new plans.”