Banesto, a commercial bank in Spain and part of the Banco Santander Group, is giving 650†of its senior managers flexible benefits options with the help of†Vebnet and Towers Perrin.
Senior managers will now be provided with a range of tax advantageous benefit choices that include, training, personal computers and PDAs, life and savings products and†life assurance.
Pablo Plaza Mayor of Towers Perrin, said: “Few companies within the Spanish financial industry have implemented a flexible compensation system. As a result of this, Banesto’s initiative will bring the bank to the leading position for compensation practice and it will enhance management engagement and motivation to meet its original objectives.”
Vebnet has provided technology to ensure the flex scheme is delivered in Spanish. Its technology has been adapted with modellers in Spanish so that managers understand their choices and customise their benefits plan to suit their individual needs and tax requirements. These include a Spanish car and tax modeller which allows employees to model tax requirements around their different choices and to understand the financial impact of different car lease options.†
The bank wanted†to†create an attractive compensation package, increase manager’s appreciation of their compensation mix and adapt it to individual needs, enhance satisfaction, motivation and retention and allow each manager to benefit from applicable tax advantages.