Worker advantages supplier, Zest, is partnering with Newcastle Constructing Society, one of many UK’s largest constructing societies, to satisfy worker demand for extra versatile and personalised advantages.
Having joined the Zest advantages platform, Newcastle Constructing Society can present visibility to its workers of all their advantages and encourage them to evaluate these regularly. The transfer additionally allows it to help its colleagues in actively reviewing their pension contributions.
Since launch, over 11 per cent of colleagues have elevated their pension contributions with a mean contribution of 4 per cent of wage, exceeding expectations.
Along with launching the brand new advantages platform Newcastle Constructing Society sought to extend its advantages providing and launched a number of new advantages together with a brand new Colleague Mortgage profit, which supplies colleagues with a aggressive mortgage offered by the Society, proving fashionable with over 5 per cent of colleagues already signed as much as this profit over the previous six months.
The partnership will allow Newcastle Constructing Society colleagues to entry advantages multi functional place by Zest’s platform and assist them when deciding on advantages, enhancing worth for cash and boosting competitiveness when attracting new expertise.
Matt Russell, CEO of Zest, commented: “Partnering with Newcastle Constructing Society has already empowered a whole lot of their colleagues to extend their retirement financial savings by making it easier than ever to have interaction with their advantages packages. Employers are more and more searching for new methods to satisfy the differing wants of their workers and wish an intuitive, easy-to-use platform that delivers enhanced worth and helps companies to supply personalised advantages with out requiring enormous useful resource to manage.”
The partnership additionally supplies further perception to assist employers perceive which advantages are working for which colleagues, enabling them to tailor advantages for various teams to extend their usefulness and finally, take up by colleagues.
Serving to workers ‘take management of their advantages’
Newcastle Constructing Society noticed 87 per cent of colleagues log into the advantages platform within the first three weeks, and 99 per cent of colleagues have logged in over the previous six months.
Ben Thomas, head of rewards at Newcastle Constructing Society, additionally mentioned: “Offering colleagues with their advantages in a single place, on our Colleague Reward platform offered by Zest, has been a step change for Reward at Newcastle Constructing Society.
“The brand new platform has allowed us to make it clear and easy to colleagues what their Reward bundle is, by options similar to our whole reward statements. The platform has additionally made it easy for colleagues to make adjustments and take management of their advantages. Options similar to ‘single sign-on’ direct into the platform and direct integrations with different providers, together with our Colleague Recognition portal, have made it very easy for colleagues to entry the data they want rapidly and simply.”
Newcastle Constructing Society is the newest addition to Zest’s shopper base throughout the UK, as employers more and more search for methods to enhance their providing and stand out towards different employers in what’s a aggressive worker market.
Throughout Zest’s buyer base, there was a 5 per cent improve on worker engagement in comparison with the identical interval March in 2023, and a 50 per cent improve of individuals accessing the platform for the primary time.
