Management Consulting

The Financial Services Compensation Scheme (FSCS) faced significant challenges with its existing employee benefits structure, which consisted of multiple disparate legacy systems. This fragmentation hindered their ability to attract and retain a diverse workforce. The FSCS aimed to implement a Total Reward ethos that would unify pay and benefits into a cohesive package that effectively communicated the organization's values and objectives. To address these issues, Aon conducted a comprehensive feasibility study and audit of the FSCS's requirements. They proposed a tailored solution that included consulting, design, broking, communication, and system implementation. Aon was selected as the provider of choice due to their ability to deliver a fully outsourced, end-to-end service that encompassed the administration and management of flexible, voluntary, and salary sacrifice benefits. This solution was designed to appeal to the wide demographic of FSCS employees and was delivered through an online platform with a robust engagement strategy. The results of Aon's implementation were remarkable. The technology introduced included flexible benefits, total reward statements, and single sign-on links to other FSCS benefit services. Aon’s communications campaign led to a significant increase in employee engagement, with 91.9% of employees actively selecting benefits and 93.9% logging on during the enrollment period. Additionally, the FSCS realized substantial financial savings, including over £5,000 in National Insurance savings and another £5,000 from holiday purchases. This successful engagement not only met but exceeded the FSCS's expectations, leading to further opportunities for collaboration with Aon in areas such as pension information and employee financial education.