CASE STUDY: Boohoo
Client since 2012
Implementing pension plans, life insurances and health plans for online retail giant, Boohoo, we continiously work hard to ensure that the employee benefits schemes Boohoo offer their staff, match their unique culture and vibrant personality. After just one year of working with Boohoo, staff retention went from 46% to 76, employee satisfaction soared from 40% to 80% and the company were able to hire 155 new staff.
Why did Boohoo need help?
Boohoo required help to move from the start-up to the consolidation stage, with the need to attract and retain high quality staff and maintain its 'fresh corporate culture'. There was no inclusion of the HR function at the strategic level and consequenlty employee satisfaction was under 50%.
What did DAM do for Boohoo?
When Boohoo became a client in 2012, we took time to review the company’s existing benefits provision, looking for better benefits products on the market to help ensure the company was meeting individual employee needs. Following this we:
- Launched a pension salary exchange scheme to make savings for staff.
- Launched a life insurance scheme to ensure staff are covered for when the worst happens.
- Regularly hold one-to-one reviews with employees in the pension scheme to provide financial advice and help ensure funds are all well invested to ensure superior returns.
- Provide financial education sessions to encourage employees to take responsibility for their own finances and have a better understanding of the saving and borrowing options available to them
- Annually review the company’s current and future benefits opportunities, it's our job to ensure Boohoo maintains its 'fresh' culture.
What were the results?
After just one year of working with DAM, Boohoo could report the following:
- Staff retention went from 46% to 76%
- Employee satisfaction soared from 40% to 80%
- The company hired 155 new staff
- The company implemented pension plans, life insurances and health plans that were previously absent from HR strategy
- Number of holidays increased from statutory amount to 22/25 days a year
- 86.19% of employees reported to be proud to work for Boohoo
- Market floatation on the Alternative Investment Market (AIM) worth £850 million just a year into the relationship with DAM
What was the feedback?
‘I genuinely love working here.’
'Really nice company. The brand is growing and I feel excited telling people I work for Boohoo.’
‘There is a definite commitment to making the business an even better place to work for everyone.’