Back in 2011, healthcare solutions provider Simplyhealth acquired dental payment plan specialist Denplan. Although they merged their business operations, Denplan employees remained under Denplan contracts, and with this came two very different employee benefit programmes.
The offerings were inconsistent, inflexible and not tailored to the individual, not to mention that some employees were getting a better offering than others. Simplyhealth quickly realised they had an attrition and recruitment issue and a disengaged workforce.
With a vision to become ‘one Simplyhealth’, they set themselves three key objectives; to increase employee engagement in benefits, to reduce attrition from a record 22% to below 18%, and to reduce hiring agency spend considerably from £500k per year.
To achieve these, they would need to completely overhaul their benefits to create a market-leading proposition.
Simplyhealth partnered with Thomsons to revolutionise their benefits strategy and introduce a host of innovative benefits, including some never seen before in the industry. Following extensive research with focus groups and surveys, Simplyhealth’s new benefits proposition was launched in October 2017.
The core focus was to offer something that helped employees make the most of life and make their money go further. So Thomsons helped Simplyhealth introduce a flexible pension scheme. This gives employees the opportunity to use some of their pension contributions in other money-saving initiatives such as repaying student debt or saving for a home.
Central to Simplyhealth’s strategy was giving employees flexibility and choice. In fact, to make sure everyone has an offering tailored to them, employees are given a flex allowance up to £1200 to spend on any benefits of their choice. Simplyhealth even offer employees an animal health plan, meaning they can use some of their flex allowance to get routine treatments for their pets throughout the year.
To make employees aware of the new benefits offering, Simplyhealth worked with Thomsons on a highly engaging communications campaign. This included videos on the company intranet, digital screen adverts, personalised information booklets and internal social media. They also organised benefits fayres and reward drop-in surgeries.
Simplyhealth have successfully overhauled their benefits and created a market-leading proposition.
When it comes to benefits take-up and engagement, the results have been exceptional. During the first month after launch, 98.5% of employees logged into the benefits portal and 95.7% made benefit selections. Furthermore, on Glassdoor employees rated their benefits 4.6 out of 5, and 93% said they would recommend Simplyhealth to a friend.
Simplyhealth has also far exceeded its target to reduce attrition to below 18%, with it currently sitting at 16%!
To top it all off, due to the new benefits offered, not only are employees staying at the company, but when recruitment is required, the benefits package is making it easier to recruit now it’s so much more appealing. As a result, recruitment agencies are no longer needed; spend has fallen from £500k a year to £0 a year!
Working with Thomsons, we’ve been able to completely transform our benefits strategy, moving from a very traditional approach with core benefits to one that ultimately offers flexibility for our employees. We are proud to say we have far exceeded our goals with employee retention and hiring agency spend, and our employees are fully engaged with their benefits.
Employee logins to the benefits portal
4.6 out of 5
Benefits rating on Glassdoor by employees
Of employees recommend Simplyhealth to a friend
£0 a year
Spent on recruitment agencies, compared to £500k previously
By partnering with Thomsons, Reynolds Porter Chamberlain LLP implemented a pension plan and flexible benefits package to increase employee awareness and reduce administration burden.Read case study
Discover how OVO Energy partnered with Thomsons to implement an innovative financial wellness offering that was the perfect match for their employees, resulting in increased engagement with their finances.Read case study
By collaborating with Thomsons, Engine Group implemented a benefits portal to harmonise their benefits offering across 12 different businesses, leading to employee engagement and annual NI savings.Read case study