Samsung Electronics, a global leader in technology, has an ambitious vision: to inspire the world by opening up possibilities and to create the future. But being at the forefront of technology and innovation is a tall order, and only an army of the most talented professionals can achieve this. The battle for talent is fierce in the Tech sector, so creating a culture where people are highly engaged and feel truly valued was critical to support recruitment and drive retention.
With nine locations across the UK and a diverse demographic to engage, it was vital to understand what employees really wanted from their reward packages. Special attention was paid to both the provision of flexible benefits and to the pension scheme, aiming not only to have as many employees as possible joining the scheme, but also for them to make high enough contributions to secure their financial futures.
Instead of guessing what Samsung’s employees wanted, extensive research was carried out, analysing take-up and usage rates for all benefits, as well as giving all employees a chance to say what they liked.
In partnership with Thomsons Online Benefits, Samsung launched ‘Highlights’, a full flexible benefits scheme catering to the diverse audience across the country. Communications and branding were key to promote retention and reinforce the company’s brand values. To promote pensions, Samsung decided to go beyond the usual communications tactics and appointed a team of ‘Pensions Champions.’ Pensions Champions were fully briefed and provided with pensions factsheets, enabling them to provide accurate information to employees.
Simply telling people about pensions wasn’t enough. Samsung, along with Thomsons, set out to not just inform employees about pension options but to educate them on a host of related financial matters through free information services and tools.
The new benefit scheme was a huge success. Of the five most popular benefits, four were new ones introduced following the employee feedback. An incredible 2,150 flex selections were made, with 70% of the employees flexing their benefits.
What’s more, during the benefits selection window, the number of Samsung employees in the pension scheme nearly doubled - 91% of the workforce are now in the pension scheme. And not only have employee contributions increased, they now outstrip the national average by around 3%.
By offering a flexible benefits package that is relevant and valuable to its employees and helping them to secure their financial futures, Samsung has also experienced a more immediate benefit through increases in employee engagement. As a result, Samsung has seen both a 10% jump in employees agreeing that ‘Highlights’ enhances their benefits/reward package since 2012 and a reduction in their attrition rate.
Since partnering with Thomsons in 2012, we have overhauled our benefits strategy to align it to our business mission, and allow us to continue to attract and retain the best talent. Our Employee Benefits award is a testament to the results. But the journey doesn't end here and we continue to work closely with Thomsons to ensure our benefit strategy contributes to our goal of being an employer of choice.
Of employees flexed their benefits
Above national average pension contributions
Employees joined the pension plan
Reduction in attrition
By partnering with Thomsons Online Benefits, Bauer were able to increase employee engagement while reducing costs and improving efficiencies in administration.
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