IAG launches voluntary benefits and reward statements to harmonise perks

Insurance Australia Group (IAG) UK has launched a voluntary benefits scheme and total reward statements as the first step in harmonising its benefits after making several corporate acquisitions.

It also plans to implement a salary sacrifice arrangement around employee pension contributions and a flexible benefits scheme following its acquisition of Hastings Direct and Equity Insurance Group.

The voluntary benefits scheme, launched in July, gives IAG UK’s 2,700 staff access to discounts from thousands of retailers and a cycle-to-work scheme.

Employees have also received online total reward statements to help them understand the value of their total package.

The scheme is being communicated using desk drops, posters and letters to employees’ home addresses. IAG reports that in the first three days of the scheme, 31 percent of staff logged onto the portal to access the benefits.

IAG hopes the scheme will aid retention and recruitment, as well as enable employees to make significant savings.

The scheme has been designed, implemented and administered in association with Benefex.