D Young & Co LLP is a leading intellectual property law firm and the UK’s first Legal Disciplinary Practice, bringing together the specialist IP services of patent and trademark attorneys and solicitors within a single practice.
The firm approached Thomsons Online Benefits to develop a benefits offering aligned with their goals to recruit and retain intelligent, ambitious and motivated people, to fit different lifestyles and maintain the voluntary attrition rate of less than 10%.
Thomsons Online Benefits worked with the firm to design and launch a revitalised benefit scheme, “Lifestyle & You”. It was important for Lifestyle & You to reflect the work-life culture which is integral to the business, leading to the introduction of family friendly benefits, including childcare vouchers, generous holiday provision and paid sabbatical opportunities.
The new benefits package was developed and rolled-out following extensive involvement with staff. It overcame the previous disengagement towards benefits and total reward within the business thanks to a clear strategic focus and comprehensive communications plan, including one-to-one meetings, hard copy take home documentation and online/web-enabled media.
The Lifestyle & You scheme is the first time an IP private practice introduced an online flexible benefits scheme. It has been a great success; the firm has been informed by consultants that several competitors are planning to emulate the scheme.
Employee engagement and benefits awareness have dramatically improved. Employee take-up of benefits increased substantially, with high opt-in to healthcare and 93.5% of pension members opting for salary sacrifice.
There has been total cost saving of £60,000 for reinvestment in benefits, including £35,000pa saved through National Insurance contributions which has been passed back to employees as flexible benefits and pension uplifts.
While salary remains a key driver for the acquisition of the best talent, the retention of that talent is enhanced by an attractive benefits package that promotes employee engagement. With clear and focused communications, Total Reward Statements and user friendly functionality, Lifestyle & You has ensured that our people are genuinely more engaged with their remuneration package.
Of staff believe available benefits have improved
Of staff much more aware of benefits provided
Increase in employees' pension contribitions
The new reduced voluntary attrition rate
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