In 2008, we were selected by HSBC, one of the world’s largest banking and financial services organisations, to launch a flexible benefits plan. The plan had to support the diverse needs of their 48,000 UK employees across their retail, investment and share services functions. To add further complexity, it was necessary to phase the launch with two enrolment periods in the first year, to accommodate some significant benefit changes that the bank needed to make.
During the design and implementation phases we were working with internal HSBC functions, their flex design consultants and their providers. This initial implementation was on our legacy platform.
With the merger of Aon and Hewitt, we adopted our current, technology platform, TBS. As a client keen to remain “leading edge” and offer their employees the most innovative benefits package, HSBC were an early adopter of TBS, converting in 2012; which was not without it challenges for both parties
More recently, HSBC wanted to get a closer handle on the benefits offered globally to their 250,000 employees across 70 countries.
As an experienced provider of flexible benefits we were able to work in partnership with HSBC stakeholders and their flex design consultants, to deliver a comprehensive flexible benefits scheme, one that provided value creation to both HSBC and their employees.
During the conversion to TBS, with its inevitable ups and downs our strong partnership and governance model ensured we were able to overcome and resolve the issues we faced.
Through our ongoing account planning process, sharing our experiences with other clients and listening to HSBC’s strategic aims and objectives, we won a communications project in 2012 (TBC) to re-launch the scheme as part of conversion.
HSBC have more recently used the data aggregation tool within the TBS architecture (Greater Insight) to capture data on their global benefit provision.
Employee engagement in the launch was “excellent” with active participation of 77.85%. Following conversion to TBS active enrolments have steadily increased year on year, peaking in 2015.
Service is good; we achieved 100% against our KPI’s throughout 2016.
Following the global data aggregation exercise, HSBC are now able host a benefits summary for employees in their top 25 locations, helping drive knowledge of the broader benefits package and understanding of the policy details.
Using this global data, Aon are also helping the bank develop a global benefits governance framework to support global and regional leaders manage the biggest risks such as compliance with statutory requirements and alignment to global policy.
Our global relationship with HSBC has developed over the years and the flex platform and underlying technology has been an enabler for HSBC.
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