Beginners Guide to Flex

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Beginners Guide to Flex
2nd October 2007 Audrey Stewart HR Director
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About Betfair what makes us different

• Betfair revolutionised betting by enabling people
  to bet the way theyre meant to against each
  other its betting for the 21st Century
• Its fairer and more transparent because the
  middleman is taken out of the equation
• Customers can also bet in play

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Betfair - people culture

• Our people are sharp individuals, with
  phenomenal commitment and passion for what they
  do. For a lot of our employees, Betfair is more
  than just a job, it is an opportunity to combine
  their passion for sport, gambling, technology or
  all 3 into their working lives. It is this
  passion which has led Betfair to become one of
  the biggest online success stories of recent
  years.
• Innovation and creativity is a way of life here,
  as is the frenetic pace at which we operate and
  evolve. With an absolute focus on delivery,
  opportunities abound for people to take ownership
  for their ideas, to run with them and see them to
  fruition.
• Integrity is fundamental to the relationship we
  have with our customers and underpins everything
  we do.
• Social responsibility is a key part of our
  culture. Actively encouraging staff to become
  familiar with our products carries with it an
  obligation which we take seriously.
• Fun is also a big part of our daily lives at
  Betfair. With a business built around the
  sporting calendar, there is no shortage of events
  for our people to participate in.

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Betfair - people culture (alternative)

• Sharp minds
• Commitment and passion
• Innovation and creativity

• Integrity
• Socially responsible
• Fun

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About Betfair The Challenges

• Massive growth
• War for talent
• Traditional paternalistic benefits offering
• Restricted Benefits budget
• Reward strategy not aligned to the brand

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Why Flexible Benefits ?

• Compete for talent
• Choice
• Improved visibility and clarity
• Improved perception of the value of Total Reward
• Bigger bang for your buck!

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Selecting your partner

• Robust technology
• Solid understanding of the UK benefits market
• Proven track record of delivering benefits
  solutions (client testimonials)
• Business stability
• Can we work with them long term?

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Designing the scheme

• In-depth fact find
• Feasibility Study
• Scheme Design
• Re-broke benefits
• Tax efficient benefits vs those that are regulated

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Communication

• Employee engagement is key
• Build a Communications plan
• Ensure communication is interesting and
  culturally appropriate

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We needed appropriate imagery and wording to
reflect Betfair.
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The new benefits offering

• Childcare vouchers
• Flexible dental cover
• Tax free health screening
• Subsidised gym membership
• Season ticket loan

• Flexible Private Medical Insurance
• Flexible Life Assurance
• Flexible Permanent Health Insurance
• Critical Illness
• Tax Free Bike Loan

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Our expectations ( measuring them)

• Increased employee engagement
• Lower Comp Ben-related attrition
• Increased perception of choice/value for money
• Increased visibility and clarity of benefits
  offered
• Reinforcement of the Betfair Brand

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Key Lessons

• Be clear about your objectives and how you will
  measure their achievement
• Work with people who understand benefits, not
  just technology
• Strong project management both from the supplier
  and internally
• Dont be too ambitious, you can always add more
  benefits

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Questions ?