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Delivering A Flexible Benefits Solution For Cobham
13 July 2020
Employee engagement and motivation is critical to business performance, and opportunities for colleagues to feel engaged with and supported by their employer have never been more crucial.
So in 2019, when a pending corporate action meant that Cobham was unable to use their current provider for their flexible benefits administration, they needed to find a provider that could design and deliver a benefits package that:
Ensures all employees feel like a valued part of the workforce
Complements Cobham's health and wellbeing, learning and development and CSR initiatives
Is flexible, allowing employees to choose options that suit them best based on their employment type and financial situation
Supports the employee voice, encouraging motivation, productivity and profitability
Is cost-efficient, transparent and sustainable
How did EQ deliver a solution to suit?
Cobham wanted to continue to increase participation levels and to show the value of their benefits package so employees can take advantage of what is on offer. As the registrar and share plan provider to Cobham, EQ (Equiniti) already had a deep understanding of their employee base, so worked to achieve this in two ways.
1. Technology and built in accessibility
Our Reward & Benefits Platform "Peoplespace" would allow Cobham employees to access the best benefit providers through one place, ensuring employees had the right information at their fingertips 24/7.
This information would also provide insight into our data analysis team who could ensure Cobham was delivering the right benefits to their employees now and in the future.
2. Expertise on hand at all times
Our HR Solutions team manage the benefits and reward administration for nearly quarter of a million employees and delivered over £4 billion of payments in 2019, so this level of expertise needed to be on hand to support both the Cobham HR team and the wider workforce.
For Cobham to continue driving high employee engagement, their benefits package must be able to adapt to changing employee needs yet remain manageable and efficient from a back-end perspective.
This solution will benefit more than 1,750 employees, and while Cobham may have operated employee benefits for more than ten years, they continue to be as dedicated as ever to ensuring it is a benefit that all employees value.
"We were in a position in late 2019 when due to a pending corporate action, our current service provider would no longer be able to continue with our flexible benefits administration and technology platform," said PeterMcGinty, Vice President, Reward Operations at Cobham.
"We have been a long-time customer of EQ for share-based services covering registration, Executive and All employee SAYE & SIP schemes.
We have always enjoyed an excellent and personal service that has been adapted and tailored specifically to meet our needs. With broad engagement in the market place and establishing that EQ was able to deliver a flex ben service utilising their Peoplespace platform, we asked them to join the RFP process.
In making the final decision, it was clear that EQ provided the best combination of an up to date technical solution, strong configuration support and admin team that is flexible and adaptable to meet our ever-changing needs. These critical items were delivered at the most competitive cost point.
Ultimately, once we presented with the outcomes from the RFP process to the Executive team, it was an easy decision for them to go with our recommendation to extend our relationship with EQ to add the Flex Ben scheme to the services they provide."
To find out how our flexible benefits solution can benefit your company, please speak with your Relationship Manager.