OVO Energy was last night recognised for its outstanding employee benefits package by winning the award for ‘Best Financial Education Strategy’ at the Workplace Savings and Benefits Awards held in London.
The Workplace Savings and Benefits Awards recognises excellence from employers who have the best benefits teams and offerings to staff and have done the most to improve these over the past 12 months.
The ‘Best Financial Education Strategy’ category recognised OVO for supporting employees with financial incentives and a dedicated benefits portal, which has seen a 94% engagement rate across the workforce. The judges also commented on the innovation of combining the Flex Fund with a Workplace ISA, helping OVO’s people build up a nest egg to save up for their future.
About the OVO Flex Fund and Workplace ISA
Upon passing their probation, everyone at OVO Energy receives a 4% Flex Fund for benefits. This is calculated as an annual amount and spread across the year as a monthly allowance available for employees to spend on benefits.
In 2017 OVO became aware that the vast majority of their young employees wanted more support to plan and save for the future. Responding to research through employee engagement, OVO developed an entirely new scheme that allowed employees to put their Flex Fund directly into and ISA.
Working with ISA provider Smarterly, OVO employees are able to save and invest money directly through the online portal MyRewards using their Flex Fund. There is also the opportunity to invest more, with any additional amount being taken from the employees’ net salary, making the process simple.
Libby Townsend, People Director, OVO Energy said: “We’re thrilled to win the award for Best Financial Education Strategy. The dedication put into promoting the Flex Fund and offering unique ways to use it has seen real success and a 94% engagement rate across the company. It’s been a great team effort from everyone here in the People team at OVO Energy, who have been working hard to ensure our employees are equipped with the tools and knowledge to make the most of the financial benefits on offer at OVO. The award builds on our ambition and passion to continue to be a great place to work.”
This is the second time OVO Energy has been recognised for its financial employee benefits after being awarded ‘Best Financial Wellbeing Strategy’ at the Employee Benefits Awards in June 2018.
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About OVO Energy
OVO Energy is the largest independent energy supplier in Britain. Founded in 2009 by entrepreneur Stephen Fitzpatrick, OVO Energy redesigned the energy experience to be fair, effortless, green and simple for all customers. Today OVO Energy is a progressive energy company that serves more than 850,000 retail energy customers, striving to deliver more abundant clean energy for everyone.