Mitsui revamps perks with voluntary benefits

Mitsui Babcock is revamping its benefits package to appeal to its changing workforce demographic. The product and service provider to the energy industry will launch a payroll-giving scheme next month, and is also considering offering a mortgage savings fund and childcare vouchers to appeal to its younger workers.

Susan McGarrity, compensation and benefits manager, explained that its workforce demographic had changed in recent years as more young, and female employees joined what has traditionally been a predominantly middle-aged, male workforce.

“We are gradually bringing in new blood to the company. Male and female [staff] have been coming and asking us questions and we have decided to go with [new benefits].”

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It has proposed to launch childcare vouchers early next year. McGarrity added that she is also researching a mortgage savings fund as an alternative savings vehicle to pensions, which would be primarily targeted at younger workers.

“We would match maybe 5% and they would put in towards it to get a foot on the [property ladder]. We would look at doing that up until the age of 30 or 35 [years].”

The firm, which employs 4,500 employees in the UK, also relaunched its voluntary benefits package in September.