Bibby Financial Services is the UK’s leading independent invoice finance specialist. It currently provides cash flow funding for over 4,000 businesses. As a family-run business, Bibby puts customer service at the heart of what it does. Bibby understand the key role employees have in running a successful business. In the highly competitive finance marketplace, Bibby doesn’t just compete for clients with the likes of HSBC and Barclays, it competes for talent also.
Aiming to double headcount by 2020, attracting and retaining talent is mission critical.
To determine the appropriate benefits strategy, Bibby carried out extensive research among employees. It set out to launch a reward scheme designed to offer the widest choice for its varied workforce.
Thomsons was chosen to deliver an engaging and flexible benefits scheme.In 2012 ‘YourRewards’ launched. This online platform empowered employees to choose their own benefits. Employees accessed these benefits through a user-friendly portal, powered by Darwin.
Furthermore, ‘YourRewards’ fully integrated with HR, pension and payroll systems. This reduced admin and created a single source of truth.
Each employee received a set of core benefits as well as a ‘flex pot’ to use towards flexible benefits. These ranged from buying holiday and critical illness cover, to dental insurance and health assessments.
Yet, Bibby's reward journey is not over. Bibby continues to align its benefits with the diverse needs of a growing workforce. It reaches out for regular feedback, tailoring its offer to ensure it continues to deliver a competitive reward package.
Following the launch of ‘YourRewards,’ 90% of staff logged-in to the portal a total of 3,205 times. This equalled an average of 5 visits per employee.
This led to 4,595 benefit selections – a staggering 6.5 selections per employee on average.
Furthermore, the 2013 flex window attracted 97% of eligible employees to make benefit selections.
Bibby also saved over £110,000 on employer NI and over £58,000 through rebrokering benefits. Bibby reinvested this saving into site innovation and new flexible benefits. Streamlining administration resulted in savings of over £6,000.
It also allowed administrators to spend more time on value-adding activities. As a direct result of employee feedback, further new health related benefits are now planned. This also reinforces Bibby’s commitment to the health and wellbeing of their employees.
Bibby Financial Services works hard to be flexible not just for its customers, but its employees too; YourRewards has proven to be a valuable means of engagement and a ‘thank-you’, which recognises individual hard work with individualised benefit packages.
Saved through National Insurance and reduced premiums
Of employees engaged with their benefits
Benefit selections made, 6.5 per employee
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