ABN AMRO opts for tailored compensation with the Flex Reward Tool by KPMG

In a talent market where skilled professionals are in short supply and employee expectations are shifting rapidly, flexible compensation is more important than ever. ABN AMRO - an international bank with a strong focus on wealth management and corporate banking in Belgium - is taking steps to stand out, not just as a bank, but as a compelling place to work.

To realize that ambition, the organization needed a compensation system that better aligns with the individual needs of its employees, while also appealing to future talent. The solution came in the form of Flex Reward, a tool from KPMG that allows employees to tailor their pay package to their personal preferences. In doing so, ABN AMRO modernizes its approach to compensation and responds directly to what really matters today, right where it counts.

Earlier this year, in April 2025, the plan was launched for the very first time. Behind that launch stood a close-knit project team. We spoke with three key people driving the initiative: Loes De Meirsman, Chief HR Officer at ABN AMRO Belgium; Lien De Maeyer, Senior HR Reward Project Specialist; and Gwende Jacobs, Senior MI & HR Project Officer. Together, they look back on the journey, share their insights and tips, and explain how the plan is resonating throughout the organization.

The challenge: more autonomy in a competitive talent market

Although ABN AMRO already offered an extensive benefits package, the organization noticed a shift in employee expectations. In conversations with candidates and internal teams, one request kept surfacing: more freedom and autonomy to shape their pay.

“It wasn’t about having more benefits,” says Lien De Maeyer. “It was about being able to choose what truly matters to you, and that’s something we really wanted to take seriously.”

At the same time, the challenge was to introduce that flexibility without sacrificing simplicity, manageability, or consistency. The solution had to fit within existing structures and be scalable for the future.

“We wanted something that reflects who we are as an organization,” adds Gwende Jacobs. “A digital solution that works professionally but is also practical for an organization of our size.”

From selection to implementation: a tailored approach

Key reasons behind the choice for the Flex Reward Plan include:

User-friendliness

simple and accessible for both HR and employees.
Expert guidance

strong, strategic advice aligned with the organization’s needs.
Professional execution

a trusted partner at every step of the process.

The Flex Reward Tool didn’t just meet functional expectations, it was KPMG’s guidance that truly made the difference. Their consultants brought more than just technical know-how; they combined strategic insight with years of hands-on experience. From day one, they actively engaged with us, offering focused, actionable advice, both during the preparation phase and at critical moments that required swift, well-considered decisions, such as negotiations with unions or complex tax issues.

“What we especially appreciated was the transparency,” says Loes. “KPMG’s team offered clear, honest advice, even when it meant recommending against certain options. They never made promises they couldn’t keep. That builds trust.”

The banking sector also came with its own unique challenges, from mandatory negotiations on year-end bonuses to strict compliance and risk regulations. Here too, KPMG supported ABN AMRO’s team with expertise and pragmatic solutions, always attuned to the sector’s sensitivities.

The added value of the Flex Reward Plan: buy-in, engagement, and a seamless experience

The strength of the Flex Reward Plan lies not just in the technology, but in how both employees and the organization are brought along on the journey. Two key approaches made all the difference for successful adoption at ABN AMRO:

Extensive workshops and hands-on testing: Throughout the project, multiple interactive sessions were held to walk through every aspect of the Flex Reward Plan step by step. This not only gave ABN AMRO’s project team a solid grasp of the tool’s content, but also helped them build in-house expertise. With access to a test environment, they were able to explore the tool in depth and provide targeted feedback for improvements based on real experience.
Ambassador approach: A group of internal colleagues was involved early on. As first adopters, they were trained to support and motivate their peers. This peer-to-peer approach fostered trust, accelerated adoption, and created broad internal support across the organization.

"That peer-to-peer approach was worth its weight in gold," says Lien. "It lowers the threshold and creates broader support across the organization."

Measurable impact on the organization

The Flex Reward Plan was introduced to modernize the compensation offering and align it with employees' changing needs. Today, employees can tailor their salary package themselves, within clearly defined boundaries.

One notable success factor? Bike leasing. This option was met with great enthusiasm, and the intuitive ordering process made it easy for employees to get started.

Multimedia was also a big hit, thanks in part to the interface that ensured selected products were delivered to employees’ homes as soon as the next day.

"We also received positive signals from the unions," says Gwende. "And when people start asking, on their own initiative, whether more options will be added, that’s when you know you’re on the right track."

Kathleen Veugelen

Director, People Services | Tax, Legal & Accountancy

KPMG in Belgium

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A conscious strategic choice

For ABN AMRO, this implementation went beyond a simple HR optimization. It was a deliberate strategic move to respond to a labor market that increasingly demands flexibility and individualization, especially from younger generations.

"It’s all about flexibility and that’s exactly what the tool offers. As an organization, you have to evolve with what the labor market expects, including how you approach compensation,” says Loes. “People want to grow and that also applies to their salary package. Your HR strategy should reflect who you are as a company. The younger generation has different expectations and a Flex Reward Plan allows you to meet those in a targeted and efficient way.”

In the meantime, ABN AMRO is also working on further developing and future-proofing its mobility strategy, particularly with the upcoming requirements of the federal mobility budget. Here too, they are relying on the expertise of KPMG.

What ABN AMRO learned: Advice that matters

The successful implementation of the Flex Reward Plan did not happen by chance. The collaboration with KPMG’s consultants brought more than just implementation expertise. Four key insights proved crucial:

Take your time: Preparation, alignment, and implementation require more time than often expected. Starting early prevents time pressure and ad-hoc decisions, ensuring the project team has a solid grasp of both the tool and processes by launch.
Work in phases: Roll out the tool step-by-step. Begin with clear, simple choices and gradually build on them over the years. Benefits and budgets can always be added later.
Build a strong project team: Involve all relevant stakeholders from the start, including colleagues responsible for accounting, VAT, and corporate tax. This not only increases buy-in but also strengthens internal collaboration.
Build trust: Allow people time to get used to the new approach, provide room for questions, and offer support when needed. Trust grows with experience.