Vaultex rewards performance and long service with Love2reward
2010-05-01
This article is supplied by Love2reward, sponsors of the www.employeebenefits.co.uk staff motivation channel
Vaultex UK takes a progressive view when it comes to reward and recognition.
Fazina Blanchard, planning manager for Vaultex, said: "As a new venture, which came into being in November 2007, we made a commitment early on to recognising the contribution that our employees make to the business.
"Our monthly recognition scheme aims to highlight and reward the efforts of all those members of staff who have made an exceptional effort - whether it's helping to improve productivity, saving the company money, or perhaps giving up their time to assist others. Nominations can be made by any member of staff, so it is very much a peer recognition programme, which we feel is an extremely powerful message."
The winners receive a gold, silver or bronze award and receive £15, £25 or £50 worth of Love2shop gift vouchers to spend in any one of 75 different retailers featured.
Vaultex is a joint venture between HSBC and Barclays and, at the time of its launch, took over an existing long-standing company called Loomis Cash Management.
"This meant that we inherited a great number of staff who had essentially already contributed a great deal to get the company to where it was at that time,” explained Blanchard. “We felt it was very important to make a point of acknowledging their achievements and so introduced a long-service awards programme.
“As individuals reach their 20-, 30- and 40-year anniversary, a member of our executive team makes a point of personally delivering their award, together with a special certificate, to mark the occasion".
The employee receives a £250, £500 or £1,000 Love2choose gift card, which gives them the option to spend on a huge range of products or experiences, including Love2shop - the high street gift voucher, individual retail vouchers, and experiences and family days out.
"The options are endless, which was very important to us in selecting this particular reward," said Blanchard."Everyone is an individual and will want to treat themselves with something that is special to them. From our initial research we found that Love2choose offered the greatest flexibility and choice, and also the greatest simplicity and ease when it comes to distributing and spending - which is important when you have people right across the country."
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