EXCLUSIVE: Law firm Reed Smith has seen 89% of employees register to manage their savings and benefits online since it launched an integrated workplace savings and flexible benefits platform.
It introduced its platform, Path, in May 2013 because benefits take-up rates were low and the benefits were spread across different providers with no online options available.
The platform enables employees to manage a range of benefits, including a self-invested personal pension (Sipp), a cash individual savings account (Isa), a stocks and share Isa, an investment account, critical illness cover, private medical insurance, travel insurance, dental insurance, a bikes-for-work scheme, childcare vouchers, a health cash plan, health screening, gym membership, holiday trading, restaurant discounts and a payroll-giving scheme.
To communicate the platform to staff, provider Hargreaves Lansdown conducted six group presentations and 141 face-to-face meetings with staff. It also participated in an onsite benefits fair.
Since the platfrom’s launch:
- The website has received more than 2,200 visits from 318 employees.
- 68% reviewed their benefits package and 40% made changes to it.
- Pensions take up has increased by 40%.
- 29% of members self-invest their pension.
Claire Gibbens, reward manager at Reed Smith, said: “We are thrilled with the success of Path.
“Apathy and inertia are relegated to the past because it’s so much easier for staff to manage their benefits.
“The feedback we have got has been terrific and we have already noticed a big jump in the level of engagement and knowledge among employees.”