Financial services company Cofunds operates in a sector where demand for talent is high and generous remuneration is expected, so it needed a package to support growth.
It chose a flexible benefits plan to improve the perceived value of reward and, ultimately, to act as an effective recruitment and retention tool.
The firm gave staff a pot of money on top of salary, pension and core benefits, worth 4% of salary. This was a serious investment, so Cofunds used a combination of measures to quantify the scheme’s success.
First, it identified 92% of staff logged on to the benefits portal, run by Thomsons Online Benefits, and tailored the benefits package to suit their needs. It then asked about the plan in its staff engagement survey and found 90.8% of employees agreed having flex made the business more competitive.
Meanwhile, 84.2% of employees agreed flex made a real difference in supporting their needs and lifestyle. Almost all (94.4%) of employees agreed they felt more positive about the business now it was providing flexible benefits.