FSN: Vebnet and Towers Perrin flex employee benefits with new application

Vebnet and Towers Perrin flex employee benefits with new application

29th January 2007
Banesto, a leading commercial bank in Spain and part of the Banco Santander Group, is providing flexible benefits for 650 senior managers with Vebnet and Towers Perrin. Banesto and Towers Perrin selected Vebnet as its FIX&FLEX® technology had previously been proven in an implementation at the Spanish Towers Perrin office with Spanish translations to the front end of the system.

Vebnet's technology has been adapted with unique ‘modellers' in Spanish which allow managers to understand their options and customise their benefits plan to suit their individual needs and tax requirements. The technology which allows the flex scheme to be delivered fully in Spanish dialect, includes a Spanish Car and Tax modeller, where employees can analyse the tax requirements on their benefit choices, model different lease car options to understand the financial impact. This functionality was developed specifically for the Spanish legal and tax regimes and takes into account products peculiar to the Spanish market, such as a tax efficient life and savings vehicle that allows employees to select a combined product.

Towers Perrin worked with the bank to analyse the management compensation structure. Its objective was to create an attractive compensation package, increase manager's appreciation of their compensation mix and adapt it to individual needs, enhance satisfaction, motivation and retention and permit each manager to benefit from applicable tax advantages.

Training was provided to Banesto's system administrators via Spanish/English translators in Madrid .

Pablo Plaza Mayor of Towers Perrin, comments, “Few companies within the Spanish financial industry have implemented a flexible compensation system. As a result of this, Banesto's initiative will bring the bank to the leading position for compensation practice and it will enhance management engagement and motivation to meet its original objectives.”

The flex programme supports Banesto's HR strategy to be the ‘best company to work for'. This involves a compensation policy based on the ‘best results get paid the best', promoting a harmonious family and professional life and equal conditions for all. Implementing flexible benefits means that senior managers now receive a comprehensive range of options, each with tax advantages. Choices include training, including applying for an MBA, personal computers and PDA, life and savings product, life assurance, medical and presentation of costs and tax information for lease cars available outside of flex.

Gerry O'Neill, CEO of Vebnet, adds, “Banesto is a prime example of a leading company turning to flexible benefits to stay ahead of the game when it comes to supporting its HR strategy. The programme has shown that our technology is adaptable to cope with many different implementations in a marketplace where increasingly there is no ‘normal' practice. We know it is ready to handle the demands of our partners and their customers, not least because of adaptations we've made in translations as well as providing benefits to companies with 25,000+ employees”.

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