Global healthcare and medical research firm Abbott has launched a flexible benefits plan and online total reward statements (TRS), as well as revamping its voluntary benefits.
The scheme, branded Abbott Life, went live for the company’s 2,000 UK employees in June and was implemented by Vebnet. The voluntary benefits plan is provided by Next Jump.
The flex scheme enables staff to swap pay for extra benefits, such as additional pension contributions, dental insurance and increased life assurance cover. Employees can also buy and sell up to five days’ holiday a year. More than 50% of Abbott staff have made changes to their benefits since the launch.
Employees can access the new scheme via a password-protected, company-branded website. The personalised TRS includes details of employees’ base pay, pension and bonus, as well as other financial perks.
Amanda White, Abbott’s UK HR director, said: “First, we ran focus groups to find out what our employees wanted. We wanted to allow staff to take full advantage of what we offer and make it fit their personal circumstances. The scheme will also be a good attraction and retention tool for us.”
The launch was communicated via staff newsletters, articles on the company’s intranet site, presentations by HR teams and a brochure sent out to all employees.