EXCLUSIVE: Wolseley UK has added several new benefits to its flexible benefits scheme following a change to its the plan’s enrolment window.
The heating and plumbing organisation, which launched the scheme, provided by Benefex, in January, decided to move its enrolment window to August to align with its financial year.
This enabled the organisation to introduce three new benefits for its 6,200 employees: a bikes-for-work scheme, a dining card and car breakdown cover.
Since the launch, more than 140 employees have taken up the bikes scheme, which is provided by Cycle Scheme.
Neil McCawley, head of reward, benefits and policy at Wolseley UK, said: “While 140 does not sound a lot, it is actually more than we expected. I thought if we could get over 100 employees signing up we were doing quite well, so it was pleasing to see.”
The scheme, Your Choices, also includes dental insurance, a health cash plan, additional life assurance, life assurance for partners and personal accident insurance.
All 6,200 employees receive a flex fund of 1% of salary, which they can use to buy additional benefits, take as cash, or a combination of both options.
If employees do not make an active choice for the use of their flex fund, the 1% will be defaulted into their trust-based defined contribution (DC) pension scheme.
Since the relaunch of flex with the new enrolment window, more than 800 employees have logged on to its online portal and made a change to their benefits provision. Some 500 members of staff did not make any change.
McCawley said: “It was encouraging to know that, although some staff did not make any change, they were logging in and viewing their package because of the extensive communications that followed the relaunch.
“Every employee received a new flexible benefits booklet and a letter covering what was available. The letter was also tailored to every employee to encourage them to review their pension contributions in a hope they might increase, which was something we have never done in the past.
“Every branch also put up posters and there were messages on the intranet.”
Neil McCawley will speak in a session titled ‘Gauging engagement in your organisation’, along with Ali Lanning, head of customer experience at Benefex, at Employee Benefits Live on 25 September.
The event will be held at Olympia National in London on 24 and 25 September 2014.