The Phoenix Group’s benefit take-up rises for the third year in a row
The Phoenix Group has seen an increase in the number of employees making an active selection of benefits for the third year running, with three quarters of staff (77%) now making the most of their benefits package.
The Phoenix Group started working with Vebnet in 2009 to introduce a flexible benefits package following a number of mergers and acquisitions. The scheme, called Flexit, was launched with the aim of achieving a consistent look and feel for benefits across all business units.
Lynne Weller, Group Reward Manager, Phoenix Group said: “Before 2009 we were offering a very limited range of perks, mainly childcare vouchers, pension, life cover and medical insurance. Having just gone through a number of mergers, the introduction of a wider flexible benefits package was seen as a way to engage and retain our employees.
“Since launching Flexit in that year, we have successfully increased take up from 54% of employees to 77% now making an active benefits choice.”
During 2010 Phoenix introduced a number of additional benefits including discounted gym membership, will writing, discounted theme park passes and motor breakdown cover. They also refreshed their package to reflect the new corporate brand, delivered a suite of communications and introduced provider roadshows. The results were impressive and the sign up rate in 2010 jumped to 73%.
During 2011 and 2012 the focus has been on keeping the momentum going by actively surveying employees to gather feedback on the benefits package and refreshing the way in which benefits are communicated to employees.
Weller added: “The company-wide survey we undertake after each renewal has been instrumental in helping shape the benefits package we offer. As an example, some employees told us the package was too biased towards families and alienated some of our younger people, so we addressed that.
“We now offer over 20 different benefits, one of the largest ranges in our sector. And we know that all of the benefits are appreciated by different sections of our staff. To experience a year on year increase in the number of employees participating over three benefit enrolment windows has been a great achievement and well worth all the hard work.”
Richard Morgan, Head of Corporate Consultancy, Vebnet said: “The Phoenix Group is an employer who is truly focused on delivering a quality benefits package which caters for all of their employees. Its willingness to adapt its package to suit its employees’ needs and the results it has achieved demonstrates the levels of engagement and positive sentiment that can be achieved through employee benefits.”
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