Pensions & benefits
get fit for the future by improving employee benefits engagement
We helped Aggreko harmonise its UK benefits strategy and improve employee engagement across multiple sites.
Aggreko, a FTSE 250 manufacturing organisation with c.1000 employees in the UK across more than 20 sites, wanted to improve the way its benefits strategy supported and retained its workforce. The company has been through rapid change over the last three years and recently rolled out new values and culture branding which better aligned its people strategy with its service offering.
The business recognised that whilst its core UK benefits were fit for purpose, there was a lack of peripheral lifestyle benefits offered and no innovative online platform to allow employees access to their benefits. The company therefore decided to refresh the benefits and pension offering to better align to the company objectives and boost employee engagement.
LCP provided an independent review of all Aggreko’s current benefits, pensions and methods of employee communication to establish if they were still fit for purpose and to better understand the desired objectives.
Over 18 months we worked with the Reward team to agree any benefit changes involving the wider HR and payroll function before proceeding with the changes.
Following this, we established a project team that liaised between the company and the key stakeholders, which involved weekly conference calls to keep everyone engaged and updated on progress.
As part of the project we:
- produced a project plan/strategy paper that clearly communicated the agreed benefit changes and alignments to ensure all project stakeholders and senior management understood the scope
- launched a new flexible benefits scheme supported by a robust communication strategy, allowing employees to make informed decisions on their pension choices and manage their own personal details
- introduced the Total Reward Statement (TRS) to ensure employees understood the benefits expenditure made by the company
Following the project, Aggreko could take confidence that there was:
- Greater employee awareness of the overall benefits and pensions offered by the company
- Integrated access for management and HR teams to reporting tools including, pension, benefits and employee data
- Alignment of benefits and pensions administration, reducing the hours of inputting data into multiple systems
- Accurate benefits data for Payroll from the flexible benefits system to send to pension providers
- A more user friendly experience for benefit management, HR team and the employees via the integration of systems
- A future proofed, fit for purpose benefits strategy in place
Dipa and the team at LCP were great to work with throughout this project. Nothing fazed them and when issues arose, they always came up with a solution to get us back on track – a great example of a collaborative consultancy project team.
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