Bibby Financial Services launches flexible benefits
Bibby Financial Services (BFS), the UK’s largest independent invoice finance specialist, has launched a flexible benefits scheme in direct response to feedback from employees who said that they wanted the ability to tailor their package. The scheme was introduced in conjunction with Thomsons Online Benefits.
BFS, which employs 720 people across 17 offices throughout the UK, has been pursuing a strategy focusing on enhancing employee development and wellbeing, which has helped the business see 10% growth in clients’ year-on-year.
Vicky Smith, HR Project Manager at BFS, says:
“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 new scheme builds on the foundation of the total reward strategy that BFS launched in 2006. BFS felt that after five years they needed to refresh their reward policies and practices to support the continued growth the business was enjoying.
Called “Your Reward”, it was designed following “in-depth research with employees through surveys and focus groups, and a huge amount of research into what would put BFS’s reward proposition ahead of their competitors”.
The scheme links both reward and recognition policies, introduced changes to the pension scheme with the introduction of salary sacrifice, an updated bonus scheme and a new clear and consistent pay structure across all locations.
The scheme was communicated both on and offline including a series of “reward roadshows” headed up by each company’s MD and HR Representative. Images of BFS employees were used to cement the feeling that they were the driving force behind the changes.
Smith says: “We are delighted with the launch of “Your Reward” but this is very much phase one of our journey. We will continue to seek feedback from employees on how we can improve the programme, and in 2013 as well as responding to their needs we plan to review our car policy, fuel cards and to link both our reward and health and wellbeing strategies. Also of importance for next year will be tackling auto-enrolment.”
Want to know more?
Thomsons Online Benefits was founded in 2000 with “an audacious vision - to bring much needed change to the benefits industry and help the world’s leading organisations to transform their employee reward strategies”. To find out more visit www.thomsons.com.
Using benefits to boost total reward: Bibby Financial Services and De Montfort University
In this report, written and researched by e-reward, we look at how two very different organisations – Bibby Financial Services and De Montfort University – have overhauled their benefits schemes.
Case study 1: Bibby Financial Services