Vebnet reports J.P. Morgan in its element with take up of re-branded employees benefits scheme
Vebnet has reported that J.P Morgan’s re-brand and re-launch of its employee benefits scheme has resulted in over two-thirds of staff making active benefit choices.
J.P. Morgan, advised by Vebnet, has just announced impressive results from the recent re-brand and re-launch of their employee benefits scheme. Enrolment first opened in February 2012 and within the first three weeks over two-thirds (66%) of staff had made active benefit choices, an increase of 26% on the previous year.
J.P. Morgan employs around 13,500 staff in the UK and before the re-launch had significant challenges communicating the benefits package they were providing their UK employees.
Adam Brooke, Vice-President of Employee Benefits, J.P. Morgan said: "Information about many of the benefits on offer to employees, including core benefits, was scattered across a confusing array of different company websites. This meant that employees were often not even aware of what benefits they had.
“Employees were not proactively engaged with their benefits so they, and the company, were missing out on valuable benefits and tax savings. We needed to go back to basics and develop an innovative approach to communicating and explaining our benefits.”
J.P. Morgan started working with Vebnet in September 2011 to develop a new brand, look and feel for the company’s reward package. The two teams developed a new website that pulled all the information in to once place and re-named the scheme ’Elements’.
Pat Appleby, Senior Communications Consultant, Vebnet commented: “With the new brand, we wanted to convey the fact that the reward package as a whole is greater than the sum of its individual parts so in ’Elements’ we have the ideal name.”
Elements opened for enrolment in February this year and while 66% have made active choices 77% of staff have logged on to the website.
Adam Brooke added: "The fact that over three quarters of employees have logged onto the site at least once, if not necessarily to make active changes, instantly gives staff a better awareness of the total value of all their benefits - from core benefits and pensions to flex.
"And this isn’t a one-off project; we’re using the website to publicise wellness seminars and improve information about pensions: initiatives that will bring traffic to the site throughout the year, beyond enrolment.
“Next year we’ll be looking to add a big new benefit or two to the scheme, but so far I’m very proud of what it’s achieved.”
About J.P Morgan:
J.P. Morgan is recognised as one of the premier financial institutions in the United Kingdom. With regional headquarters in London, they service clients across Asset Management, the Investment Bank, Global Corporate Banking, Private Banking and Treasury & Securities Services under both the J.P. Morgan and J.P. Morgan Cazenove brands. The firm offers an unparalleled client base and leadership across the spectrum of financial services products.
Vebnet enables people to shape their futures by creating leading-edge, global reward and benefits solutions that engage employees and give businesses competitive advantage. Vebnet works with some of the world’s leading employers to offer a range of services including reward and benefits strategies, reward and benefits technology, employee communication and administration services. For more information visit www.vebnet.com.
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