A flexible benefits scheme helped HBOS to harmonise its benefits package across its businesses.
The bank first introduced flex prior to its merger with building society Halifax to create an equitable benefits package for its Bank of Scotland, Capital Bank and Bank of Wales employees. The scheme then helped to harmonise the firm’s package following its subsequent merger with Halifax.
Speaking in the session titled ‘Selecting the right benefits to include in a flex scheme’, Jacqui Anderson, director of reward and recognition, said that tailoring the plan to suit employees had been crucial to its success. She added: “You’re never going to get [staff] to participate if they don’t believe in the package.”
At the end of the scheme’s first post-merger year, 42% of HBOS staff had chosen to take up options. Private medical insurance, holiday trading and critical illness cover were the most popular benefits.