Fair Deal - How happy employees are with pay and benefits
Fair Deal itself doesn’t directly influence another factor. It’s classified as a hygiene factor. Sure, doubling everybody’s salary would make them happy but it wouldn’t make them feel any better about factors such as leadership and management.
Now although pay is not an engager, it is important that pay and benefits are at the right level as to not disengage employees further.
As the firm is employee-owned, all staff are entitled to an equal profit share bonus each year. Employees also get gift vouchers on milestone birthdays, weddings and for babies. At Christmas, staff can choose a voucher or donate to a food bank. And there are plenty of sweet treats and free breakfasts at quarter end.
Team spirit is so important to its culture, this year, 40 staff won a long weekend in Dubai. In previous years, they have jetted off to Ibiza, Las Vegas, and New York. It also hosts regular social events including its annual black tie awards evening and its BIG Summer Social.
All staff have access to a range of benefits including vouchers and perks, offering savings on shopping, dining out, and everyday spending. Health and dental insurance is also available to everyone. Additionally, as well as a competitive salary, top achievers are awarded at the annual awards ceremony - a black-tie dinner.
Staff have clearly defined career paths and are offered training and development, ongoing support, and a genuine opportunity to progress. It has actively managed and regularly reviewed career development programmes, training opportunities, and subject matter experts providing on the job training. It has additionally supported a range of people with professional accreditation and CPD.
CFC is a 34% employee-owned company which means it benefits from having employee ownership alongside an incredibly engaged senior management and leadership team who act as role models for their teams. The core values are demonstrated through its belief in market-leading insurance products and customer service and a constant drive for innovation.
By attracting high-calibre talent, and retaining, motivating, and engaging employees through fair, competitive, and responsible remuneration structures it continuously builds on not only CFC principles but puts a spotlight on each and every individual in the organisation, these are the key components to its success.
CFC recently opened an Innovation Hub that provides a modern and tech-friendly office space for the tech team to collaborate in. Additionally, it has launched a careers platform to attract candidates to CFC. This platform is much more visually appealing and candidate-engaging, with video job overviews, manager profiles, and transparent recruitment steps and processes.
