5. Rewards & Saying Thank You
At Virgin we take a holistic approach to rewarding our employees. We help with all the usual things like saving for retirement (pensions/annuities/401ks2
) and access
to healthcare at no or reasonable cost, but added to this our companies promote employee wellbeing with things like free fruit, flexible working hours and cooked lunches delivered to new parents or those who’ve suffered a bereavement. A number of larger Virgin companies offer flexible or voluntary benefits packages which give people the chance to pick and choose the benefits best suited to them, and to use their salary to buy extra benefits.
The Virgin Tribe scheme is a creative initiative that we have evolved to help our people make the most of their money by offering discounts and special offers on a range of Virgin products and services, plus a large number of third party deals. In 2008 UK Tribe members spent over £425,000 on Apple products and over £1.5 million on Virgin Holidays; approximately 6,000 people hired a car, booked airport parking and went continental using Eurostar in those same 12 months. And they all saved money. Three quarters of UK employees, 66% of South African and 25% of Australian employees have a Tribe card (the Australian scheme launched in late 2008).
At Virgin we believe in celebrating employees who go the extra mile. Both employees and customers can nominate out-of-the-ordinary employees through schemes designed to express our appreciation. These include Virgin Atlantic’s Heroes scheme, Virgin Media’s Shout programme and Virgin Money’s Academy Awards. Each year we take the winners from each of our operating company award schemes and invite them to an intimate event hosted by Richard called the Annual Group Stars Dinner. And sometimes Richard likes to say an extra special thank you by picking out one employee to spend a week at one of his lovely holiday resorts.
Many Virgin employees are active in their own ways to improve the wellbeing of those less fortunate than themselves. Across the group, Virgin people regularly volunteer their time and resources to a wide range of causes that are close to their hearts. We are extremely proud of all these endeavours which completely embrace the Virgin spirit of social responsibility .
Target - we are aiming for an 80% take up on Tribe so that more of our staff can take advantage of the deals available to them.
We work with
Virgin Unite
to harness the talent and the entrepreneurial energy available throughout the group. We do so by inspiring our people to give
their time, money and stuff, as appropriate, to
support charities, foundations and social enterprises in tackling
tough social and environmental problems.
Virgin Tribe Card
2. 401k = a retirement savings plan provided by a US employer to allow employees to set aside money in a tax efficient way for their retirement. The employer can also contribute.
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