European law firm Field Fisher Waterhouse is to introduce online total reward statements and pensions salary sacrifice to boost appreciation of benefits and promote its stakeholder pension.
The initiatives will come into effect in July, ahead of its introduction of a flexible benefits scheme next January.
The total reward statements are aimed at drawing employees’ attention to the value of their benefits. Human resources director Charlie Keeling said: “Most people just think of their salary when they think about reward. The statements will help them understand the full investment the firm is making in them, including holiday pay, pension contributions and healthcare.”
Keeling said it was hoped the salary sacrifice arrangement on contributions to the firm’s stakeholder pension scheme would promote the scheme and boost take-up. “It is amazing how many employees do not contribute to the scheme,” he added. “We match contributions up to 7%, but there’s a relatively low take-up of pensions.”
Field Fisher Waterhouse will use the savings on national insurance payments gained from the salary sacrifice arrangement to fund the flexible benefits scheme launch.
Keeling said the move towards flex was designed to help the firm stay ahead of the market. “I have noticed a trend towards more legal firms offering flex. I wanted us to get ahead of some of the other firms in the sector and remain competitive in the marketplace,” he said.
“When things pick up and law firms are recruiting, if someone has offers from three firms and one offers flexible benefits, it may help them to select the firm they want to join.”
Providers Staffcare and Portus Consulting are working on the project.