Commerzbank has launched an online flexible benefits scheme to increase awareness of its benefits offering among employees.
Addressing delegates at Employee Benefits Live 2010 on 28 September, Ian Davidson, head of compensation and benefits, Commerzbank, explained how a key selling point for the bank was reaching its differentiated employee base via a website, which made the scheme highly accessible.
A large proportion of Commerzbank’s employees are traders who often work more than 60 hours a week, and therefore needed a solution that was accessible in a range of situations.
The scheme, provided by JLT Online Benefits, was launched at the beginning of September and allows employees to view and select their benefits online, making the process time and location independent.
Since its launch, activations reached 76% in the first two weeks and benefits awareness has increased. An online survey showed that employee engagement has also increased.
Commerzbank communicated the launch of the scheme through a multimedia campaign that included the intranet, emails, posters, benefits booklets and menu cards in the staff canteen.
Davidson explained that the online flex scheme has increased the transparency of benefits offering: “The key message is choice by using technology; we’ve put employees in charge of their own benefit selection.”