Keoghs implements total reward statements

Keoghs, one the UK's leading law firms and insurance specialists with 400 staff based in Bolton and Coventry, has introduced total reward statements as a first step towards flexible benefits.

Reviewing benefits strategy

The firm's key business values are summarised as:

• approachability
• focus
• variety
• innovative added value.

Keoghs was keen to translate these business relationship principles into the company's pay and reward structure. In carrying out the review of its benefits strategy, the firm also had a number of specific objectives in mind:

Firstly, it wanted to ensure that its benefits package was competitive in the market and would continue to help them attract new talent into the business.
Secondly, the firm considers that strategies enabling employee choice are fast becoming a requirement in the legal sector. Feedback from existing employees indicated that they wanted to see more flexibility in their benefits and new methods of communication.

Following a tender process, Keoghs selected thomsons online benefits to help it implement a new reward strategy.

Beginning the benefits journey

As the first step, Keoghs implemented thomsons online benefits' Perquisite platform which offers employees:

• an online total reward statement
• a new pension scheme with "signatureless" enrolment facility
• a range of voluntary benefits.

Employees are also now able to choose to utilise salary sacrifice on their pension contributions.

Next steps

Later this summer Keoghs plans to take the next steps in its benefits journey towards the introduction of flexible benefits which will include:

thomsons carrying out a review of its current benefits and providers
a pilot project to assess the business impact of enabling employees to flex their holiday entitlement.
Frances Cross, HR director at Keoghs, explains: "We felt it was important to move towards full flexible benefits in bite-sized chunks. The early indications are that the work we have already done has given employees a clearer picture and appreciation for the benefits that they receive. I am sure that as we increase the flexibility and choice of benefits on offer further this understanding and appreciation will only increase."

Want to know more?

thomsons online benefits was founded in 2000 to "revolutionise the way that benefits are administered and communicated". Its clients include MTV, Reed, Regus, Smith and Nephew. Further information can be found at www.thomsonsonlinebenefits.com

©E-reward - Posted 9 June 2005