JP Morgan has used its employer national insurance (NI) savings from offering some benefits via salary sacrifice to fund the rebranding and relaunch of its flexible benefits plan.
The financial services firm has operated an unchanged flex plan for five years. But access to its benefits was previously split across various websites, and communications were perceived to be wordy and technical.
Adam Brooke, UK employee benefits manager at JP Morgan, said: “We spend millions of pounds on core benefits every year, and I wondered: where is the return on investment? We were one of the first financial services firms to have flex, but once it was up and running, it was left pretty much as we launched it.”
All benefits have now been put onto one website, which has been branded Elements. There are three categories: My Money, My Health and My Lifestyle. Perks include a pension, life assurance, critical illness insurance, income protection, travel loans, health cash plan and screening, dental insurance, discounted gym membership, wellness events, retail vouchers, a restaurant discount card, childcare vouchers, bikes for work, travel insurance, payroll giving and a concierge service.
Before the rebrand and relaunch, which was done in conjunction with Vebnet, the flex scheme’s highest take-up was 40%. Since the revamp, 66% of staff have chosen benefits through flex and 77% have visited the new site.
Brooke said: “To take full advantage of tax and NI savings, we needed a 2% increase in take-up to cover the cost of rebranding and communications. Take-up figures far exceeded expectations.”
Read more about flexible benefits schemes