Most Effective Benefits Strategy


WINNER RS Components


FINALISTS


• ICE Group •Freshfi elds Bruckhaus Deringer


I


n a period of redundancies, pay freezes and lack of bonuses, RS Components launched its total reward benefit scheme to keep employee engagement at its peak. It set out to let staff know reward was worth much more than pay and benefits: it was


about brand and engagement. In a competitive recruitment market, the


firm, which manufactures and distributes electrical and manufacturing parts, wanted to differentiate itself in the eyes of candidates. Before the firm took any action, it set out its


goals for the scheme: to boost engagement, design a rewards scheme that would be well communicated and easily accessible – and use these to increase the strength of the brand. It held focus groups and discussion forums


to get staff feedback on proposed perks. The company then grouped its reward offerings into three groups: My money (salary, bonus, discount schemes, long-service awards); My lifestyle (childcare, holidays, social clubs, sickness pay, accident insurance, EAP, car parking); and My future (pension, share scheme, income protection, life assurance, PMI, learning and development). It adopted new salary sacrifice benefits such as a cycle to


hrmagazine.co.uk


work scheme and new recognition initiatives to reward performance. To accompany the restructure, it set up an


internet portal for staff to access the system, send staff email bulletins and provide forums to discuss benefits – and wrapped it all up under one coherent brand: ‘My reward.’ It has launched ‘total reward statements’, so each employee could see what they receive. The results speak for themselves. Of new


recruits, 84% told the company the benefits at RS Components were a driver in their wanting to work for the company – and 35% said it was a ‘significant’ driver. Engagement scores have soared since 2009


to record levels in 2010 and the company has enjoyed a saving of £366,419 through its salary sacrifice tax breaks alone, since the launch of the scheme. And while the board has championed the


benefits strategy from the start, it was launched and managed in-house by a reward team of three people. Our judges believed the entry stood out in


the category and felt the firm had genuinely taken pride in the submission. They thought the attraction and take-up figures were impressive and the company’s values were evident and important in the scheme.


Highly Commended


Pensions Trust The Pensions Trust offers a range of benefits to all staff, including private health cover, health insurance, death in service payment and season ticket loans. But, in a bid to develop engagement, it introduced discretionary benefits leave, free parking, Christmas bonuses, moving house leave or marriage leave, which it awards only to those genuinely demonstrating high performance in the workplace. It implemented a performance and


engagement matrix: the more staff show attainment of these behaviours, the more perks they enjoy. Benefits knowledege has improved


and company values are understood. Judges were impressed with the values- driven idea and the clear metrics.


Sponsored by


July 2011 HR Excellence Awards 31


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