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v:choice - Vanco's award-winning flexible benefits scheme

As a company that is committed to providing the highest level of service in the industry, Vanco goes to great lengths to recruit, reward and retain the very best people.

In 2001 Vanco conducted a comprehensive staff survey to find out exactly what benefits staff required. Depending on country, age profile and whether they were male or female, they all wanted different things. As a direct result Vanco decided to implement a flexible benefits scheme across all of its global offices.

Formally launched in March 2003, v:choice is the world's first ever global flexible benefits scheme. v:choice enables employees to select those benefits which are most suited to their specific lifestyle needs. Employees can then 'flex' their benefits on an annual basis or when a significant lifestyle change occurs, such as marriage or the birth of a child.

Each employee is given a 'v:choice pool', the size of which depends upon length of service and position within the company. The way this pool can be allocated is then split between core and non-core choices. Core choices comprise a minimum amount of holiday, pension and death in service cover. After that employees can then allocate the remainder plus up to 20% of salary to buy non-core choices such as more holiday, non-related work training, private healthcare, company cars and a club for those interested in driving high performance cars, amongst others. The scheme was extended in early 2004 to cover new countries. More benefit choices - including gym membership, dental healthcare and childcare vouchers - were also added to keep the programme exciting and fresh.

The benefits are also tailored to reflect the local needs of each country. At all stages priority is given to the needs identified by the staff in each country.

Post implementation, a staff survey showed that 70% of staff thought the benefits scheme was very good or excellent. The scheme was also named "Most Effective Use of an International Benefits Strategy" at the annual Employee Benefits Awards, 2004.