FSCS

Background

The FSCS sought a modern and compelling reward package that brought value to its employees and offered comprehensive choice and flexibility that could be sources from one place.

The Challenge

The FSCS had a number of disparate legacy systems in place that were not conducive to their aim of attracting or retaining a diverse workforce.

The FSCS wanted to adopt a Total Reward ethos, bringing together pay and wider benefits into one compelling reward package that really communicated;

What the FSCS is about.
What the FSCS are trying to achieve.
What the FSCS value and reward.

The Solution

Having conducted a full feasibility study and audit of FSCS’ requirements, Aon recommended a full consulting, design, broking, communication and system implementation response which lead to Aon being selected as the provider of choice.

The implementation, promotion, delivery, management, administration and maintenance of their flexible, voluntary and salary sacrifice benefits (which appealed to their wide employee demographic) was all delivered online and communicated with an engagement strategy for the first time

Results

Aon’s technology was implemented, comprising, flexible benefits, total reward statements, voluntary benefits and single sign-on links to other FSCS benefit services. Aon delivered a fully outsourced, end-to-end service delivery including administration and helpdesk services for all employees based in London and Edinburgh.

A communications campaign was launched resulting in a huge burst of employee engagement - employees were openly discussing the new offering along with having the ease of access (and understanding) for their total reward package.

91.9% engaged in the scheme (active benefit selection)
93.9% logged on during enrolment
Savings were generated for FSCS with National Insurance savings of over £5,000 and over £5,000 in savings from Holiday Purchases.

FSCS Testimonial

“The Financial Services Compensation Scheme (FSCS) People Strategy 2015 to 2019 identified the implementation of Total Reward as a key strategic objective. We wanted to adopt a Total Reward ethos, bringing together pay and wider benefits that could communicate the progressive vision of FSCS’ business values. As result, a full analysis was conducted in a quest to establish innovative ways to reward and recognise our employees. Aon Employee Benefits was chosen as the provider best placed to help FSCS realise their ambition.

We set Aon some challenging targets: an audit of our current FSCS Employee benefits programme; development of options and recommendations of our future benefits programme and the development, implementation, promotion, delivery, management, administration and maintenance of a suite of flexible, voluntary and salary sacrifice benefits which would appeal to a wide demographic employee base – no small ask! We also wanted a web-enabled on-line platform, fully hosted with proven and robust data security provision, incorporating dedicated FSCS branding, and providing single sign-on access. The project team from Aon completely rose to the challenge delivering ontime, on-budget and fully meeting all of our requirements. Working completely collaboratively they helped us to deliver on all of the promises that we had made to our staff – it was just as good as we said it would be!

Unsurprisingly as a result we had huge employee engagement and take up – amongst the very highest levels achieved by Aon within the Financial Services sector. This engagement has opened the door to other opportunities to work in partnership with Aon: from the provision of pension’s information in language that we can all understand to employee financial education and planning sessions.

Having worked in HR for over 20 years, I can say with some confidence that Aon Employee Benefits are quite simply in a class of their own. What makes them so successful is their experience and up to date knowledge of the very latest trends and innovation coupled with a commitment to deliver for their customers – they don’t stop until they have got it right for you. They recognise that every project is unique and you don’t get more unique than the FSCS – we are the only UK compensation scheme – so to make our vision a reality was and is a huge achievement”.

David Blackburn, Head of People

Financial Services Compensation Scheme

October 2016