Flexible benefits programme at TD Waterhouse boosts staff morale

UK stockbroker TD Waterhouse has seen a positive effect on staff morale following the introduction of a flexible benefits programme for employees on 1st July.

TD Waterhouse joins a growing number of companies keen to highlight the total value of benefits provided to staff via flexible benefit arrangements. TD Waterhouse introduced the flex package ñ known as TDWFlextra - to promote an employee well-being culture at the company, and to maximise the value of benefits by offering more tax efficient options for employees.

Tracy Booth, HR director at TD Waterhouse, said: ìOur existing benefits package was generally undervalued, even by employees who were taking advantage of the options available to them. The launch of TDWFlextra has allowed our employees to appreciate the real value of their benefits for the first time as well as allowing us to introduce new and exciting benefits.

ìWe have worked hard with our benefits consultant, Aon Consulting, to create a cutting edge flex plan with an emphasis on employee well-being and value. Substantial employee communications about the new arrangements included coverage in our internal newsletter, posters, desk-drops and culminated in 21 employee presentations at three locations over a fortnight.

ìFeedback from employees has been even more positive than expected and the planned introduction of a subsidised well-being account, tax-efficient car parking and holiday trading at renewal in 2008 should further enhance its popularity.î

Gareth Ashley-Jones, head of Flexible Benefits at Aon Consulting, said: ìOur advice to TD Waterhouse in finalising the flexible benefits menu was ërevolutioní not ëevolutioní. The TDWFlextra programme, utilising the Staffcare Technology Platform, has really hit the mark as shown by the excellent employee take up rate. Well over 80% of employees are actively participating in the programme at the end of the first month, which is substantially higher than the average for flex plans.î