EMPLOYEE BENEFITS
Nationwide launches integrated benefits and rewards platform
Nationwide Building Society has launched a single web site offering its 15,300 employees information and action across a wide range of benefits and rewards.
The new platform, branded as Fruitful, was designed by flexible benefit providers Vebnet in association with motivation specialists Grass Roots. The system has been designed to "interface" with the mortgage lender’s PeopleSoft HR platform, payroll, and the incentive programme operated by Grass Roots for Nationwide, where employees can earn rewards based on performance.
Phased approach
The first phase of the integrated system gives employees online access to enrolment and administration of flexible benefits and will go on to provide access to bonus and recognition earnings and redemption, as well as a comprehensive pay and benefits statement.
Future plans include increased self-service functionality for employees, total remuneration statements, and an integrated bonus/recognition system linked to individual value accounts and a shopping channel. The result will be a comprehensive and holistic system of rewards with one point of access.
Paul Bissell, senior manager rewards at Nationwide, said: "All of our employees now have a single platform on which to view their benefits, select from within the Choices flexible benefit programme and gain access to a substantial number of core and discounted voluntary products. In addition, having a single integrated solution allows us to more effectively communicate and manage all aspects of our total rewards programme, which in turn will lead to a better understanding on the part of our employees as well as significant efficiencies in ongoing administration."
Flexible benefits
Nationwide has operated a flexible benefits scheme for a number of years. The Choices programme has both flexible and voluntary benefits, including a home computer initiative, childcare vouchers and privileged purchases from a comprehensive range of discounted goods and services. Choices was previously managed by paper-based enrolment and administration processes.
The launch of the new online system delivered the most successful scheme on record at Nationwide, with new selections made by more than half of employees. This covered 11,300 benefit options, offering substantial savings for employees.
A final word
"I believe Fruitful represents the most comprehensive platform in the market today and one that will grow as enhancements are added to reflect the evolution of Nationwide’s reward strategy." -- Gerry O’Neill, chief executive, Vebnet.
"From our point of view this is an exemplary programme, using technology to minimise the administrative burden for the employer and to maximise accessibility for the employee." -- Andy Lister, head of benefits services, Grass Roots.
Want to know more?
Nationwide is the UK's fourth largest mortgage lender and seventh largest retail banking, savings and lending organisation by asset size. Nationwide is based in Swindon with a second major administrative centre in Northampton and has an extensive branch network (681 offices) throughout the UK.
www.nationwide.co.uk
Vebnet develops and deploys technology for the management and administration of fixed, flexible and voluntary employee benefit programmes, using internet/ intranet delivery platforms.
www.vebnet.co.uk
Grass Roots Group is the "country’s largest provider of salary sacrifice schemes, and in a wider context is the leading company in the field of employee motivation."
www.grg.co.uk