Telecommunications company O2 implemented a flexible benefits scheme in the summer of 2007 to enhance the benefits that it offers to its 11,000 employees in the UK. Colin Watt, head of reward, explains: “We introduced the scheme to offer more to our employees in terms of their total reward package and to enable them to get the most from their net pay. Our employees have made us number one in the market and we really value this.” To ensure staff were not overwhelmed with the number of benefits available and to maximise employee appreciation, it restricted the options available to dental insurance, healthcare cash plans, critical illness insurance, travel insurance, childcare vouchers, retail vouchers, a wine club and a pension scheme.
“Buying and selling holiday entitlement, a bike scheme and a learning fund were added this year and we are currently considering options for the next release,” says Watt.
The company also offers salary sacrifice and a range of voluntary benefits that includes one-off or short-term deals that can help employees manage their household budgets.
“Helping our employees with key financial and recreational decisions and purchases is really important, even more so in the current economic environment. We want to remain a top employer and we know this offering and choice will help,” adds Watt.