How to retain and attract top talent through benefits
Organisations are battling to attract and retain Top Talent, but diving into the nitty-gritty has proved to be challenging for many... Samsung Electronics has an ambitious vision and a case study from their approach is worthy learning from. Let us take a look.
Samsung Electronics, a global leader in technology, has an ambitious vision: to inspire the world by opening up possibilities and to create the future. But being at the forefront of technology and innovation is a tall order, and only an army of the most talented professionals can achieve this. The battle for talent is fierce in the Tech sector, so creating a culture where people are highly engaged and feel truly valued has been critical for Samsung to support its recruitment strategy and drive retention.
With nine locations across the UK and a diverse demographic to engage, it was vital to understand what employees really wanted from their reward packages. Special attention was paid to both the provision of flexible benefits and to the pension scheme, aiming not only to have as many employees as possible joining the scheme, but also for them to make high enough contributions to secure their financial futures.
Instead of guessing what Samsung’s employees wanted, extensive research was carried out, analysing take-up and usage rates for all benefits, as well as giving all employees a chance to say what they liked.
In partnership with Thomsons Online Benefits, Samsung launched ‘Highlights’, a full flexible benefits scheme catering to the diverse audience across the country. Communications and branding were key to secure retention and reinforce the company’s brand values. To promote pensions, Samsung decided to go beyond the usual communications tactics and appointed a team of ‘Pensions Champions.’ Pensions Champions were fully briefed and provided with pensions factsheets, enabling them to provide accurate information to employees.
Simply telling people about pensions wasn’t enough. Samsung, along with Thomsons, set out to both inform employees about pension options as well as to educate them on a host of related financial matters through free information services and tools.
The new benefit scheme was a huge success. Of the five most popular offerings, four were new benefits introduced following employee feedback. An incredible 2,150 flex selections were made, with 70% of the employees flexing their benefits.
Furthermore, during the benefits selection window, the number of Samsung employees in the pension scheme nearly doubled - 91% of the workforce are now in the pension scheme. And not only have employee contributions increased, they now outstrip the national average by around 3%.
By offering a flexible benefits package that is relevant and valuable to its employees and by helping them to secure their financial futures, Samsung has also experienced a more immediate benefit through increases in employee engagement. This has resulted in a 10% jump in employees agreeing that ‘Highlights’ enhances their benefits/reward package since 2012 and a reduction in their attrition rate.
*inspired by HRGrapevine