HR Excellence Awards 2009: Most Effective Benefits Strategy - IAG UK
HR magazine editorial, 01 July 2009
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After Insurance Australia Group (IAG) acquired Hastings Direct and Equality Insurance Group, in 2006 and 2007 respectively, IAG UK harmonised the employee benefits of its umbrella brands to create a single structure of reward for staff.
During this process, the company focused on innovation and engagement. It implemented a harmonised pension scheme, total reward statements, voluntary benefits and flexible benefits in three stages.
IAG UK found that 85% of its employees earned less than £30,000, so it decided to implement a voluntary benefits scheme that would help their salaries go further.
The resulting voluntary benefits portal now receives regular visits from 47% of staff. Meanwhile, every worker has been migrated to the relaunched pension scheme. IAG feels that staff now have a greater appreciation of their benefits, giving it a competitive edge.
Judges' comments
One judge said: "The method IAG used makes sense. It is what I would do in a similar situation. The three-phased approach was sensible so as not to overload employees."
FINALIST
Ladbrokes - Club Ladbrokes
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