Panasonic is to introduce a flexible benefits scheme and total reward statements.
The electronics company is to launch its flex plan on 1 August in order to offer more choice around benefits for staff. The scheme will include a group personal pension (GPP) plan, cycle-to-work scheme and childcare vouchers, all of which will be offered via salary sacrifice arrangements.
It will also include critical illness insurance, travel insurance and the option to buy or sell holiday. Employees will also be able to flex up or down with life assurance.
Panasonic will also issue total reward statements for staff after an employee opinion survey highlighted the need for more transparency in its benefits provision. These will enable staff to see what their accumulative allowance and bonus will be throughout the year, and get real time statements to fully understand the costs of their benefits.
Beverly King, compensation and benefits advisor at Panasonic, said: “We did a lot of work to find out what people knew about their benefits and a lot of them did not really know what was on offer to them. So it is a good way to get all the information one place and people can choose things that are suitable for their lifestyle.”
Panasonic will hold benefits fairs on 5 and 6 July where employees will be able to meet the providers for the different benefits and find out what is on offer.
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