EXCLUSIVE: Bibby Financial Services launches flexible benefits scheme

Bibby Financial Services (BFS) has introduced a flexible benefits scheme in direct response to feedback from its 720 employees who said that they wanted the ability to tailor their benefits package.

The scheme, which is provided by Thomsons Online Benefits, is built on the foundation of a total reward strategy that BFS launched in 2006. The financial services firm felt that, after five years, it needed to refresh its reward policies and practices.

Its Your Reward scheme was designed following research with employees through surveys and focus groups.

Vicky Smith, HR project manager at BFS, said: “We take employee feedback very seriously, and as part of our commitment to improve employee engagement we conduct our own annual employee surveys.

“Last year’s survey revealed that employees wanted benefits tailored to their individual needs, so this year we started implementing a flexible benefits system whereby employees can buy benefits important to them and their family, such as extra holiday, health assessments and dental cover.”

The scheme also includes a pensions salary sacrifice arrangement, an updated bonus scheme, and a new consistent pay structure across all locations.

It was communicated on BFS’s intranet and through a series of reward roadshows at the firm’s 17 locations.

“We will continue to seek feedback from employees on how we can improve the programme,” said Smith.

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