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London, 5 June 2006- Vanco (FTSE: VAN), the pioneering global Virtual Network Operator (VNO), has won "Most Effective Use of an International Benefits Strategy" in the Employee Benefits Awards 2006 for its innovative employee benefits scheme, "v:choice". This is the second time Vanco have taken the award after also winning in 2004.
Vanco was named the unanimous winner after beating both Barclays Bank and iSOFT to take the trophy. The judges commented that they were "impressed with the complicated task Vanco had undertaken in implementing a flexible benefits scheme across borders."
In April 2003, Vanco selected thomsons online benefits to introduce v:choice, an online, international and multi-currency flexible benefits programme across eight countries (UK, Germany, Spain, Italy, the Netherlands, Singapore, the USA and Australia) simultaneously. During 2004, v:choice was extended to cover Belgium, France and the Czech Republic. Sweden, Switzerland and Poland were then added at the end of 2005.
Employees are able to enrol and select benefits in their own language and currency using thomsons online benefits "Perquisite™" technology. The online presence of v:choice is backed up with face-to-face communication in each country, access to local specialist advisers and a range of other communication methods such as emails and posters.
Simon Hargreaves, Group Finance Director, Vanco plc said "Recruiting and retaining absolutely the best people has always been, and will continue to be, key to the success of our company. With v:choice we have an innovative employee rewards system in place which works on a global basis. The figures speak for themselves - 90% of employees have signed up for v:choice, 85% are happy with the range of benefits available, and employee turnover has fallen by 7% to give us one of lowest attrition rates in our industry. As such we see it providing us with significant sustainable competitive advantage."
Chris Bruce, Technology Director, thomsons online benefits, added "We are immensely proud that Vanco have won this award for the second time. This truly cements v:choice's position as the leading online global reward programme. We look forward to continuing to develop v:choice in 2006 and taking it into new territories such as Latin America."
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