Employee Benefits Live 2010: Towry adds to total reward package

Towry is adding a ‘Giving back’ programme to its total reward package.

Alex Rickard, head of employee proposition at Towry, announced the new scheme during the session ‘Pay and bonuses to incentivise your staff and become an employer of choice’ on the first day of the Employee Benefits Live conference.

The wealth adviser firm will roll out the offering to its 750 employees as an engagement strategy.

Over the last two years, Towry has acquired a variety of different financial services organisations, resulting in a reassessment and realignment of its total reward package. “We were looking at ways to challenge the status quo in every direction,” said Rickard.

Along with repackaging what Rickard terms old world benefits offerings such as variable pay and car park spaces for senior staff, Towry implemented fixed pay, ad hoc bonuses and made all of its employees shareholders in the organisation.

With the ‘Giving back’ programme, employees can take time out to give back to the community or the environment with a volunteering event of their choice. “It might be about going to a local school and helping students with their maths,” added Rickard. “It is all about engaging employees.”