Renault Formula One Team launches flexible benefits

Renault’s Formula One Team has launched a flexible benefits scheme and voluntary discounts for staff, with options that include tickets to F1 races and discounts on Renault cars.

The scheme was launched to 500 staff in November last year following an employee survey that revealed only 31% of the workforce thought the existing benefits package suited them.

All staff who are contracted to work for the company for six months or more are eligible to join the flexible benefits scheme and have been given an annual allowance, which can be used to continue with their previous benefits or “flex” them and choose from others. They can also top up the allowance using salary to buy more benefits, or take the allowance as cash.

Benefits on offer include private medical insurance, dental insurance, health assessments, a personal pension, cycle to work,childcare vouchers, Formula One and Moto GP tickets, and on-site gym membership.

As well as flex, staff will have access to a range of voluntary perks, including discounts on Renault cars through the company’s “Family and Friend” car scheme. Both schemes are provided by Motivano.

Tom Washington