EXCLUSIVE: Evidera has achieved a cost-neutral flexible benefits scheme in the first 10 months of launch after £100,000 worth of investment.
The pharmaceutical consulting organisation, which has more than 110 employees, has also saved a total of £8,184 on benefits costs pre-flex versus post-flex costs of £105,131 a year to £96,947.
It launched a flexible benefits scheme in October 2014, provided by Aon Employee Benefits, which was part of its strategy to consolidate and align different benefits packages across two internal business units.
The investment in flex has given employees a greater level of flexibility in their benefits and also helped Evidera become a competitive employer of choice.
Buffi Gibbons, senior director human resources Europe at Evidera, said: “The strategy was to bring together two different packages and making sure everyone had that flexibility.
“It was also about being cost-neutral and at the same time generate some core savings, both of which we have achieved in a short space of time.”
Savings were made thanks to national insurance savings.
The benefits on offer include health screening for employees and their partners, health cash plan, income protection, life assurance, pension, private medical insurance, childcare vouchers, bikes to work, dental care and gym membership.
It has also helped to provide staff with funds to meet the bulk of their benefit needs, with the organisation offering its employees a flex fund worth £1,250 to select benefits.
Regular communications such as emails, poster campaigns and a series of informal meetings helped educate staff about the benefits and the strength of its new package. More than 70% of employees attended the sessions.
Gibbons added: “It has helped ongoing challenges of hiring people for specific roles in the business, but at the same time keeping high calibre employees at the organisation.
“The above average allocation of a flex fund has also helped to achieve this and the ongoing communication has educated staff and motivated them to choose the benefits that are right for them.
“It has been very well received and we will now look to introduce more benefits such as a concierge service and a dining card to add more enthusiasm to the scheme.
“What we are doing is a huge endorsement for flex investment for other small employers like Evidera.”
Evidera has been nominated for ‘Best flexible benefits plan – small employer’ at the Employee Benefits Awards 2015.