Independent specialist bank Castle Trust Bank has seen clear improvements in employee satisfaction with rewards and benefits - by investing in health support. That’s included extending their existing Private Medical Insurance (PMI) and opening up access to health back-up for all employees through Equipsme.
With almost 200 colleagues across offices in Basingstoke and London, Castle Trust Bank were looking for an effective, workforce-wide health care solution. They were introduced to Equipsme through IHC Employee Benefits, as a hybrid between full blown Private Medical Insurance (PMI) and cash plans.
Suzanne Jacks, Head of HR at Castle Trust Bank, explains: “We have an engagement survey that goes out 2 to 3 times a year, and health benefits were coming out as strong area for us to focus on. We already had limited PMI in place for our more senior roles and in an ideal world we’d like to be able to offer that to everyone. But as a smaller, challenger bank, our benefits budget isn’t limitless, and we wanted to make sure it was going as far as possible for as many colleagues as possible.
“Equipsme has a unique offering. It’s a blend of a cash plan and PMI, plus optical and dental cover that can be added in on top. It means our colleagues are getting regular value every year in terms of routine dentist and optical appointments, plus easy-access health support if they become ill or get injured.”
Proving popular
Castle Trust Bank gave colleagues the opportunity to opt into the Equipsme scheme, and more than 50% of those eligible have taken them up on the company-paid offer so far, taking advantage of a 24/7 virtual GP, nurse support line, health checks and up to eight physio sessions.
“It’s seen the best take up of a benefits option we’ve ever had,” confirms Suzanne. “Clearly, it’s something people were keen to have, and we know that a third of our colleagues have chosen to pay extra themselves to upgrade their level or add family members to their plan, too.
“The dental support has been a real winner, and particularly well-received. People are struggling to get NHS appointments, and simply don’t have the flexibility in their finances to go private. £200 a year towards dental reviews and treatment goes a really long way. The virtual GP is also popular, because people can get a routine appointment at a time that suits them and they don’t have to be in an endless phone queue at 8.01am precisely to secure one.
“At the end of the day, what makes us special as a bank is our service to our customers. Looking after the people who are looking after them is absolutely essential. Our employees are driving that valued service, and we want them to be happy, well, and fulfilled in their work. If people do feel ill, we’ve got a duty of care to help them get better and hopefully prevent more serious issues from developing. Which is why swift GP access, physio, and dental and optical cover are so important.”
Seeing the benefit
Over the last six months, Castle Trust Bank has begun to see the return on their investment in their colleague engagement surveys. Suzanne explains: “We continue to put a lot of work into our reward and benefits programme, including extending our PMI and introducing Equipsme. In the latest round of our colleague engagement survey, reward and benefits saw the highest increase. Our score went up to 8.1 out of 10, against an industry average benchmark of 7.1.
“It can be incredibly hard to move the dial on employee engagement, and particularly on rewards and benefits. People aren’t naturally effusive in these surveys - and no one is going to say they don’t think they should be earning more or getting more perks! So, for us this represents a really positive shift, and puts our benefits offering in a good place. Our staff turnover levels have fallen over the last 12 months, and while we can’t make a direct cause and effect link, it’s certainly part of the picture.
“As part of our overall vision, we want Castle Trust Bank to be ‘The Place to Work’. We’re competing for talent with some huge corporations with very deep pockets, and our offer needs to stand up against theirs. Health benefits are now generally expected in financial services as a hygiene factor, so it’s been great to bring ourselves into line with that. With Equipsme, we’re actively demonstrating that our people, at all levels, are our number one priority.
Great customer service
“For us, picking Equipsme was a very simple choice because there just isn’t anything else out there quite like it. Not only are the products exactly what we needed, but the customer service side is probably some of the best I’ve seen for quite some years. Everyone has been incredibly helpful and responsive, from delivering the introduction and training webinars for employees, to hand-holding people through the process of setting up their online portal.
“That personal touch, being available live to answer questions, turning queries around so quickly, usually within hours, has been very much appreciated. All the general literature and information has been great, too. In fact, it’s the best service launch we’ve done, and I wouldn’t hesitate to recommend Equipsme to other businesses.”
