FLEXIBLE BENEFITS
BNP Paribas Real Estate launches flexible benefits
BNP Paribas Real Estate has unveiled its first ever flexible benefits package for 650 UK-based staff at its 13 office locations across the country.
The package, branded “Spectrum”, was launched internally to employees in January 2010. The decision to extend the existing benefits offering was in response to “growing employee demands and changing needs”.
BNP Paribas Real Estate appointed Vebnet as provider for the flexible benefits package.
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Spectrum
Spectrum has been designed specifically for the firm’s UK employees and has been split into three distinct areas:
Financial benefits - including pensions and life assurance.
Health benefits - including dental cover and private medical insurance.
Lifestyle Benefits - including buying extra holiday, childcare vouchers, carbon offsetting, retail vouchers and British Gas Homecare.
Employees can access all of the benefits online through a dedicated Spectrum web site via the company intranet site. There is a two-week election window available in November each year.
Communications
A “considerable amount of time” was spent communicating with employees and a full campaign was planned and rolled out both before and after the launch, including:
a series of roadshows up and down the country, introducing the merits of Spectrum and enabling staff to ask questions and find out more about the scheme
information on the intranet
branded posters in all offices highlighting the election dates
reminder emails throughout the election period.
The communication exercise resulted in an “excellent response rate from staff with the pension option proving most popular”. It also gives the opportunity to analyse what is important to staff and use feedback to update the scheme annually to reflect changing employee needs and wants.
A final word
“As a people business we wanted to include and actively engage our employees in the benefits we offer. Now they have the flexibility and freedom to choose benefits that suit their individual lifestyles.” - Martin Jones, Peopleservices Team Leader, BNP Paribas Real Estate.
Want to know more?
BNP Paribas Real Estate is a “leading international real estate provider”. It offers clients a “comprehensive range of services that span the entire real estate lifecycle: property development, transaction, consulting, valuation, property management and investment management.” For more information visit www.realestate.bnpparibas.com.
Vebnet is a “market-leading provider of technology and services for reward and benefits strategies to the world’s most progressive employers and is part of the Standard Life Group”. To find out more visit www.vebnet.com.