Over the past few years, BNP Paribas, a global banking and financial services organization, has faced the difficult challenge of aligning the activities of its multiple companies with the activities of 'one bank'.
The challenge involved aligning benefits delivery across seven core businesses into one scheme to achieve the organization's vision. Ian McKenzie, head of pensions and benefits, explains that in the UK he has seven companies operating in different markets, each with its own business challenges. “What was needed was to consolidate these seven businesses and have a common brand. [flexible benefits scheme] We use Spectrum across all companies and make it very similar,” he says. “A key business goal is internal mobility, and Spectrum allows us to effectively maintain benefits when someone moves from one company to another.”
1 bank ID
Most of the seven core businesses have been acquired and have retained some of their old identity over time. BNP Paribas' business vision is to establish one bank, and the welfare system helps to increase the awareness and recognition of employees of various companies. Thomas Hiles, Group Benefits Manager, explains: For the launch of the share plan, we adopted elements of the Spectrum brand, which is highly recognized by staff. We try to present something to staff so that when they see it, they already know it's part of their benefits package. [package]”
McKenzie and Hiles' efforts were recognized with five wins in the 2015 Employee Benefits Awards, which earned the organization the top healthcare and benefits award. Most Flexible Benefits Plan – Large Employers. Optimal alignment of profits to business strategy. Best Benefits Communication – Large Employers. And the Grand Prix.
Construction work in recent years has been carried out on a limited budget. “We are a very small team and have a relatively small budget compared to other teams, so a lot has been done. [Hiles] And myself,” Mackenzie says. “The key is to accomplish more with less.”
communicate changes
With the bank's corporate vision in mind, the benefits team created a flexible benefits package that standardizes offers to all employees while allowing each company to maintain core benefits. No matter the company, everyone had the same options and all departments had the same look and feel. The scheme allows employees to access all available flexible benefits through one online portal. A single portal and communication campaign helped reinforce the 'one bank' message.
Hyles explains that with a tight budget, the team had to think carefully about how to get news about the scheme to around 8,500 employees in the UK. “We spent a little money updating a few booklets for the new year, but everything else was spent thinking about how to look smart at our actions and how to target our messages. .”
Childcare is one example, Hiles says. Although 60% of his bank employees were eligible for the childcare voucher scheme, the take-up rate was quite low. In this example, the team put together targeted communications with key messages. This has led to increased interest in the scheme.
“We haven’t done anything particularly flashy with our communications. We’ve done desk drops and large benefit fairs before, so it’s important this time to communicate what the key message is. ,” Hiles said. “We had a strategy, but we tailored it to each company, and the individuals within that company. It was a good strategy in the sense that it wasn’t just that.”
This strategy included a variety of methods, including in-person presentations, flash animations on the intranet, “blizzard” messages, and targeted emails. “The proof was in the attendance rate,” McKenzie said. “Across all companies, the vast majority accessed the system and made changes to their benefits.”
healthy behavior
BNP Paribas is also placing increased emphasis on the health and well-being of its employees. The bank offers employer-paid health checks, but until recently, the take-up rate was just 15%. To make improvements, the benefits team worked with providers to analyze the data generated by the screens. “We were really trying to change people's behavior and improve their health outcomes,” McKenzie says.
The bank introduced a resident physiologist to follow up with staff after screening and improve behavior over time. Looking at the data over the past three years, the health status of our staff has visibly improved, and the health checkup rate in 2014 rose to approximately 80%.
The bank has also introduced genetic testing for breast cancer and heart risk, which has received positive feedback, particularly in employee focus groups. “Common [theme] It was, “Banks care about our health.” Even if they don't choose genetic testing, they probably recognize that it is very innovative and sends a message that the employer is acting in the employee's best interest.” says Mackenzie.
Future tasks
But despite their success at this year's Employee Benefit Awards, Mr McKenzie and Mr Hyles are keen not to rest on their laurels. Employee perception of benefits is always high on the agenda and the team will be focusing on this in the coming months. “Having won these awards, we feel this is a good opportunity to further improve,” Hyles explains. “We want it to be quite sophisticated and high quality.” [benefits] This package has been well received, and for good reason. Not just because we promoted it well internally, but because it works well internally. [employees] And their families. ”
Ian McKenzie will be speaking on Employee Benefits Live on September 21st about developing compensation and benefits strategies to achieve your organization's long-term goals.
Overview of BNP Paribas
BNP Paribas is a global banking and financial services organization with approximately 8,500 employees in the UK. His two core business areas are corporate and institutional banking and personal banking and services. BNP Paribas has a history of around 150 years in the UK. The global group operates in approximately 75 countries and employs more than 187,000 people. The average tenure of our UK employee base is around seven years.
Business goals that impact profit
- We will bring four more businesses into our benefits scheme, adding approximately 850 staff.
- Changes in legislation, such as budget announcements, that affect pensions.
- Create more tailored health checks for your employees.
Occupational history
Ian McKenzie joined BNP Paribas in 2005 as Pensions Manager in the Corporate and Institutional Banking division. Prior to joining the firm, he worked as a pension consultant at Mercer and PricewaterhouseCoopers (PWC). During his time at BNP, his role has evolved and he is now Head of Pensions and Benefits for the UK Group of Companies, with responsibility for benefits and occupational health.
Thomas Hiles is Group Benefits Manager at BNP Paribas UK, which joined the Corporate and Institutional Bank in 2009. His focus will be on building new benefits capabilities and integrating Fortis Bank into the UK benefits platform. Since expanding into group remit in 2013, this has expanded to include all UK business lines on a single platform, including flexible benefits and share plans. Mr Hiles' previous roles include compensation and benefits manager at Bureau Veritas UK and Ireland and his consultant role at CMS Cameron McKenna.
Benefits offered by BNP Paribas
pension
Move to one master trust defined contribution plan for all staff by the end of 2015.
Donations vary by company, and there are various donation and non-donation systems.
health care
Private health insurance is available through a flexible benefits system.
Income security.
Dental insurance: In some companies, this is sponsored by the employer.
Eye care voucher system.
Critical illness insurance as a voluntary benefit.
health check.
Genetic testing.
Employee Assistance Program.
Occupational health, including on-site physiologist.
Gym on site.
company car
Some companies have a company car system.
Family friendly policy
Some companies offer generous maternity and childcare leave.
Shared parental leave.
Flexible working.
Some companies offer emergency childcare.
Some companies provide nursing care.
Childcare ticket system.
Networks such as parents' networks and women's networks.
holiday
26 to 30 days depending on years of service.
Employees can buy and sell up to 35 days through a flexible benefits plan.
other
Personal Accident Insurance: A major benefit for the majority of staff.
There is a subsidy for the on-site restaurant.
On-site dry cleaning.
Sports and social clubs.
Employee discount system.