to go to other companies on the basis that their benefit package was better, and when we looked at it, it wasn’t.” Another issue was that there was a lack of flexibility
in the bank’s benefit package and difficulties in finding information about it. “This was causing problems with retention and a
lot of internal challenges,” he said. “We had a difficult decision to make about what benefits we were going to offer and we made sure that our colleagues were at the heart of that decision. Now, obviously, that has to be based or balanced against cost, because I don’t want my chief financial officer chasing me around.” Surveys showed that employees wanted flexibility.
The new benefits scheme enabled people to buy and sell annual leave, brought in a personal benefit allowance where colleagues could claim for health and wellbeing expenses, and a health allowance that enabled colleagues access to 100 different health insurance policies through three providers, maximising their choice. In addition, David’s team implemented more
flexibility around pensions and set up a new online system where staff could view their benefits across personal devices. This was particularly challenging for a bank where information needed to be kept very secure. “It works because when you can actually see
the financial value of that on the system, the actual numerical value, that’s really important and it’s really impactful,” he said. “While we brought in some new benefits, actually we gave colleagues the information they needed to show what the value of the package was.” The response from employees has been overwhelmingly positive. It is having a beneficial effect
on morale and loyalty. Bank of Ireland’s reward team even received an internal group recognition award and the new flexibility in working hours resulted in 6,500 annual leave days used flexibly during the year. “This was a real game changer,” he said. “We received
fabulous feedback. I’ve worked in the reward function for a long time. You don’t necessarily get feedback from running a bonus scheme, or a solid review process, or maybe amending some benefits, but we were happily shocked with the feedback we received from colleagues, line managers and senior management. It was a brilliant project. I’m really passionate about what we did, and I am really excited about what we’re going to do in the future.”
“ THERE WAS A PERCEPTION THAT OUR REWARD PACKAGE WAS NOT COMPETITIVE. BUT WHEN WE LOOKED...WE WERE MARKET MEDIAN..”
DAVID KEOGH, HEAD OF REWARD, BANK OF IRELAND
13
GLOBAL LEADERSHIP SUPPLEMENT REWARD
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