Law firm Pannone has doubled the value of its death-in-service benefit to ensure its package remains competitive.
Its 637 employees are now all eligible to receive two-times salary, while the firm’s 43 equity partners will continue to receive a fixed amount.
Rachel Dobson, a partner and HR director, said: “It’s part of a continuing review. We keep an eye on what’s happening in the marketplace and we want to make sure that the package we are offering is competitive with what everybody’s offering. It became clear to us that actually perhaps we were a bit out of kilt with what other people were offering.”
She added that increasing the value of the perk had remained cost effective for the organisation. “The actual cost of the serve in terms of premium in making a very substantial increase was relatively low, so it seemed a really good one to do and it’s a substantial increase for employees.”
Pannone also rewarded staff when the company was placed third in The Sunday Times’ ’100 best companies to work for 2007’. “When we got the results of The Sunday Times survey [a couple of weeks ago] we shut the office the next day at 4pm and sent everybody home,” said Dobson.
She added that staff were also given an extra day holiday and a Thornton’s Easter egg.