As today’s workforce diversifies further and further and employers try to keep up with an everchanging world, employee benefits as they were before aren’t the answer any longer. Previously as an employer you could set out your stall and say you get XYZ benefits and that was that. Take it or leave it. Some employers do still operate this way currently, but many are now starting to change over to what are known as flexible employee benefits.
Flexible Employee Benefits are essentially formalised systems that allow employees to vary their pay and / or benefits package in order to satisfy their own personal requirements. Flexible benefits give greater control to the employee as they can decide to increase or decrease their salary based on the level and amount of benefits they would like to receive. Some employees would like more salary, others would like to feel more protection so take less salary, each to their own, but it gives them the choice and allows them to feel like they are in control of their own destiny, so to speak.
Flexible benefits can form an integral part of your reward strategy and should fall in line with your organisational goals and strategies, which should be easier to work towards as employees will feel they are getting more out of the business.
Both employees and employers will benefit from introducing Flexible Employee Benefits as such:
|Gets to choose benefits to meet their needs, meaning they value them highly||Provide the benefits at a fixed cost, regardless of employee selections|
|Gain a true idea of the full worth of their benefits package||Will be seen to be more responsive to the needs of their workforce|
|Given a sense of control and involvement through having a choice of which benefits they want||Will be able to retain and attract high calibre personnel|
|Will be able to align the reward strategy to both HR and Business strategies|
There will be more benefits to both employer and employee, but as mentioned already, in today’s world you could do far worse than to incorporate some flexible employee benefits into your organisation’s offering. You will wonder why you didn’t contemplate them sooner.
Of course, you need a great provider to help you provide these benefits to your employees, so head over to FlexGenius who specialise in Flexible Employee Benefits to get yourself started.
FlexGenius can be found online at https://flexgenuis.co.uk and you can speak with them both online and over the phone should you have any questions or queries.
Flexible Employee Benefits – For the Benefit of Everyone.