Simplyhealth raises the bar with transformational new employee reward offering
Simplyhealth, the UK’s leading provider of health cash plans, Denplan dental payment plans and animal health plans, has unveiled its transformational new approach to supporting and rewarding its employees as of January 2018.
With its purpose to help people make the most of life through better everyday health, the company’s new total reward offering is a powerful way of bringing this to life internally. Encouraging better physical, mental and financial wellbeing, all employees are offered the greatest choice and flexibility to suit their individual needs and life stages.
In recognition of the growing pensions’ crisis in the UK, Simplyhealth has placed a strong focus on investing in its employees’ futures, offering an improved and more flexible company pension contribution, specifically introduced to help employees with their shorter term financial needs as well as to invest for their future retirement.
With millions of people facing the prospect of working into their 70’s and 80’s to make ends meet, recent figures released by the Financial Conduct Authority (FCA) suggest around 15 million people aren’t saving enough for their retirement. Additionally, the recent UK Poverty Report from the Joseph Rowntree Foundation reveals just under 2 million pensioners are living in poverty in Britain today.
At a time when other employers are cutting back on investing in their people, we’re proud to be doing the opposite. We’re investing an additional £1m to support our people and create one of the most flexible and progressive benefits packages in the UK. For us, this is about creating a healthy working environment filled with opportunity and challenge; developing people with rewarding careers and enabling them to enjoy happier, healthier lives now and into the future. This includes supporting them with saving for their retirement.
Simplyhealth’s ‘investing in my future’ solution is a new way of helping employees invest in today while securing financial health for later in life. Every employee, regardless of tenure or whether or not they can afford to contribute to their pension fund, is ‘gifted’ a 6% company contribution to their pension which isn’t taken out of their pay. If an employee chooses to contribute an additional 4% to their pension from their own money, they unlock an additional 4% of their salary. They can then choose to invest this in a number of financial products to help them save for their future, such as paying off a student loan, saving for a first rental or mortgage deposit or investing more into their pension.
In November 2017, we had approximately 75% of our people actively saving for their retirement. I’m incredibly proud to say that, in just two months, we now have 93% of our people in the pension scheme which means an extra 200 people are now saving for their retirement. It’s great that many are also benefiting from being able to save for their pension, and at the same time save for their first home or pay back their student loan , rather than have to choose one or the other.
Simplyhealth employees receive an additional ‘flexible benefits’ fund to invest in a range of lifestyle benefits. This includes animal health or dental payment plans, travel insurance, Taste card and a wellbeing & learning fund. This is on top of other available benefits such as a Simplyhealth cash plan, childcare vouchers and a bike to work scheme, as well as access to Simplyhealth’s Care For Life, an online service which provides advice and guidance for working carers.
Simplyhealth’s new approach to reward and benefits is dedicated to helping employees make their money go further while enabling them to lead happier, healthier lives now and into the future. As well as securing its employees’ physical, mental and financial wellbeing, Simplyhealth hopes its new benefits package will continue to attract and retain great people to help deliver its ambition to help people make the most of life through better everyday health.