Newcastle Building Society has rolled out a flexible benefits platform for its more than 1,000 employees in order to boost engagement with its benefits package.
Through a partnership with employee benefits provider Zest, the building society’s employees will be able to access all of their benefits in one place and select the ones most relevant to their personal situation.
This is part of the employer’s aim to enhance value for money, boost competitiveness when attracting new talent, and tailor benefits for different groups to increase their usefulness and take-up. This will be achieved through additional insights to understand which ones are working for which employees.
It also wanted to provide visibility of all benefits to its workforce and encourage them to review these on a regular basis. After supporting employees to actively review their pensions, it has seen 11% increase their contributions, with an average contribution of 4% of salaries.
In conjunction, Newcastle Building Society has also increased its benefit offering with the launch of a new Colleague Mortgage benefit, which provides its staff with a competitive mortgage through the society.
Ben Thomas, head of reward at Newcastle Building Society, said: “Providing employees with their benefits in one place, on our reward platform provided by Zest, has been a step change for reward at Newcastle Building Society. The new platform has allowed us to make it clear and simple to staff what their reward package is, through features such as our total reward statements.
“The platform has also made it simple for employees to make changes and take control of their benefits. Features such as single sign-on direct into the platform and direct integrations with other services, including our recognition portal, have made it really easy for staff to access the information they need quickly and easily.”