Goodman Masson has seen 19% of its 140 employees take up its contributory mortgage fund since it was introduced as part of a new flexible benefits scheme in January 2012.
The firm has included a variety of other savings benefits for staff within its Benefits Boutique flex scheme, which was designed by Jelf Employee Benefits, such as: a student loan fund, interest-free home improvement and new parent loans, and a knowledge fund.
The funds have been introduced to aid staff retention and to maintain performance among its staff, who are an average age of 27.
Employees can deposit 20% of their annual salary into the mortgage fund via a salary sacrifice arrangement. After three years, the firm adds in 33% of the total saved. Staff can also add in their bonuses, which the firm tops up at 50% of the total.
Guy Hayward, chief executive at Goodman Masson, says: “The aim is to help employees get a step up on the property ladder and to have sufficient funds for a deposit of a one- or two-bedroom flat in or around London.”
The student loan fund, also offered via salary sacrifice, is available to help staff pay off loans over three years. The firm will top employee contributions up at 50% at the end of three years.
The interest-free home improvement and new parent loans are also available over three years. The firm will reduce the value of the loan by 10% following the first year and a further 10% during the second year.
Goodman Mason also offers a knowledge fund, so staff can take language classes, golf lessons or learn to drive. The cost is paid upfront by the firm, and then comes out of the employee’s monthly salary via a salary sacrifice arrangement.
Additional benefits in the flex scheme include: holiday purchase up to five days a year, a bikes-for-work scheme, a payroll-giving scheme, a computer scheme, life assurance, critical illness insurance, a health cash plan and a wine club.
Read also Employee Benefits Workplace Savings Quarterly
Read more articles on alternative workplace savings vehicles