Moneysupermarket.com has launched a flexible benefits scheme to meet the differing requirements of its employees.
The price comparison website launched Lorica’s Cube flex product at the end of November 2010 after employee research revealed a interest in a wide range of benefits.
Its Ichoose scheme has three categories of benefits for all 420 employees to choose from: ‘My health and wellbeing’ includes private medical insurance, health screening for employees and their partners, a health cash plan and critical illness insurance for employees and their partners; ‘My green benefits’ includes bikes for work and charitable payroll giving; and ‘My home and family’ includes childcare vouchers, holiday trading and a group personal pension plan, which offers a matched contribution of up to 5% for all employees.
Moneysupermarket.com also created a benefits comparison site as part of its communications to staff, in addition to an email campaign, a benefits roadshow and an Ichoose cube desk toy.
Since its launch, the firm has seen good take up in the scheme, as 77% of employees logged onto the Ichoose site, and 57% made a benefits selection. The most popular benefits are bikes for work, childcare vouchers and holiday trading, which all achieved take up of 11%. Meanwhile take up of the pension scheme increased from 40% to 52%, with 15% of employees increasing their contributions levels.
Amy Castell, HR business partner at Moneysupermarket.com, said: “Through engaging with our employee forum group, focus groups and surveys, we identified quite a range of benefits that appealed to a number of different people.
“That was one of the best advantages of flex; we could put in any number of benefits that could be tailored to an individual’s needs, rather than a set of core benefits that may or may not suit everybody,”
“To attract the best talent, we recognised we needed to stay competitive in the marketplace, hence why we have decided to go down the flexible benefits route.”
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