Bibby Financial Services (BFS), the UK's largest independent invoice finance specialist, has launched a flexible benefits scheme in conjunction with Thomsons Online Benefits.
The company, which employs 720 people across 17 offices throughout the UK and provides expert invoice finance solutions to over 4,000 businesses a year, implemented flexible benefits in direct response to feedback from employees who said that they wanted the ability to tailor their package.
BFS have been pursuing a strategy focusing on enhancing employee development and well-being, which has helped the business see 10 per cent growth in clients' year-on-year. They were recently placed 84th in the Sunday Times 100 Best Companies to Work For list, up 11 places on 2011.
Vicky Smith, HR Project Manager at BFS comments: "We take employee feedback very seriously, and as part of our commitment to improve employee engagement we conduct our own annual employee surveys. Last year's survey revealed that employees wanted benefits tailored to their individual needs, so this year we started implementing a flexible benefits system whereby employees can buy benefits important to them and their family, such as extra holiday, health assessments and dental cover".
The new scheme built on the foundation of the total reward strategy that BFS launched in 2006. BFS felt that after five years they needed to refresh their reward policies and practices to support the continued huge growth the business was enjoying. The new scheme called "Your Reward" was designed following in-depth research with employees through surveys and focus groups, and a huge amount of research into what would put BFS's reward proposition ahead of their competitors. It linked both reward and recognition policies, introduced changes to the pension scheme with the introduction of salary sacrifice, an updated bonus scheme and a new clear and consistent pay structure across all locations. It was communicated both on and offline including a series of 'reward road-shows' headed up by each Company's MD and HR Representative. They also used images of real BFS employees to cement the feeling that they were the driving force behind the changes.
Vicky Smith continues: "We are delighted with the launch of "Your Reward" but this is very much phase one of our journey. We will continue to seek feedback from employees on how we can improve the programme, and in 2013 as well as responding to their needs we plan to review our car policy, fuel cards and to link both our reward and health and wellbeing strategies. Also of importance for next year will be tackling auto-enrolment. We look forward to continuing to work with Thomsons Online Benefits to ensure we get optimum business benefit from our reward package."