Bankhall, one of the largest suppliers of support services to Financial Advisers in the UK, has launched online flexible benefits in conjunction with Thomsons Online Benefits.
Bankhall wanted to introduce as much flexibility as possible into their benefit offering, on a cost effective basis, as part of a project to progress towards being a great place to work.
Following an employee survey, Thomsons Online Benefits created a bespoke solution for Bankhall incorporating consultancy, technology and communications.
Core benefit entitlement for employees was improved, including bold increases to holiday entitlement which removed any link to length of service and company pension contributions for all employees. Some existing benefits were also re-brokered. Flexibility was injected into the scheme allowing employees more choice, while the introduction of salary sacrifice generated savings for both employer and employee.
The new scheme, branded “you choose”, was moved online using Thomsons’ bespoke technology platform Perquisite™. Not only does this reduce administration time for Bankhall’s HR team, but enables employees to select their benefits online and view changes in real time.
A unique communications campaign was designed to raise awareness of the scheme and educate employees of the value of their total reward over and above salary alone. A combination of on and offline media was used including email shots and a brochure explaining what was on offer.
Darren Veevers, Finance and Operations Director at Bankhall comments: “We have been extremely pleased with the project and have received great feedback internally. We wanted to introduce flexible benefits on a cost effective basis and our expectations have been exceeded by Thomsons’ who achieved savings through intelligent broking and salary sacrifice which has effectively funded the project.”
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