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Best total reward strategy

Bibby Financial Services
UK Reward Strategy 2014 - 2016

Vicky Smith, reward manager at Bibby Financial Services

For this award, the judges were looking for an employer that has successfully integrated its reward offerings into a single total reward strategy, which could include: pay and bonuses, pensions, benefits, staff development and learning, and the work environment.

After identifying that a one-size-fits-all strategy was no longer fit for purpose, Bibby Financial Services implanted a total reward strategy to adapt to changing workforce needs and aid talent attraction and retention. The judges particularly liked the resulting strategy’s link to issues such as retirement planning, and learning and development. To ensure it best met employees’ needs, Bibby based the strategy on a huge amount of internal and external research including staff focus groups and interviews. As a result, the judges loved that it felt like a strategy designed by employees, for employees.

The judges said: “It felt like a total reward approach; it wasn’t just about pay and benefits, which contributed to the buy-in and success of the programme.”

The winner said: “We really did listen to what our employees wanted and we went from a blank piece of paper in 2012 to a flex strategy. Three years later, that blank piece of paper is definitely not blank anymore. “We have worked really hard not just in HR but, as an organisation, to give employees what they have asked for. “It is a really tricky thing to get right but flex helps us in a difficult market to attract and retain talent. This award and what we have done is now part of our USP.”

Runners up
  • Culina Group, Culina 20:20 - Putting Rewards into Focus (Entered by Personal Group)
  • Simplyhealth, MyReward (Entered by Thomsons Online Benefits)
  • Vaultex UK