Hairdressing firm Regis International has introduced a flexible benefits scheme for its senior managers in the UK as part of efforts to consolidate perks after a spate of acquisitions and to increase employee loyalty.
Implementing flex was Regis’s first step towards consolidating 14 different benefit schemes that it inherited through a series of acquisitions, including that of Vidal Sassoon in 2002.
The flex scheme, which went live for 100 senior and head office staff in July, is provided by AWD Chase de Vere Consulting. It enables employees to increase their life cover and group income protection, as well as buy and sell holiday of up to one week.
It also includes perks such as critical illness cover, travel insurance, health screening (including for employees’ partners), dental insurance and the ability to top up private medical cover and pension contributions.
Most of this group of employees have been given an employer-funded flex pot to pay for perks. However, others are offered access to the scheme on a voluntary basis and have to pay for the benefits themselves.
So far, more than 60% of Regis’s senior managers have taken up flex, with 17% opting for dental cover, 19% selecting travel insurance and 22% going for health screening.
The flex launch also saw more employees joining the company’s pension scheme, as well as an increase in the level of contributions made.
Allison Brown, director of health and welfare benefits for the US, UK and Canada at the Regis Corporation, said: “The main driving point for putting this flex scheme in place in the UK is really as a retention tool, as well as a recruitment tool.
“In our industry, you just do not see this type of benefit and we wanted our employees to know we have such an offering out there.”