Flexible Benefits
Flexible Benefits allow employees to choose a personal benefits package from a range of options offered by their employer. In this way staff can adapt their individual benefits package as their lifestyles and priorities change during their working lives.
While you may still wish to retain some traditional, paternalistic benefits, a flexible benefits scheme gives you freedom to include innovative propositions and to engage employees in making their own choices.
When we understand your specific aims and challenges, we can help map out the best solutions, as well as the business case for the move to flex.
Facts about Flex
- 79% of employers believe a main advantage of flex is that it recognises the diverse needs and values of the workforce
- Over 40% of organisations say that having choice around the benefit package increases employee engagement
- 89% of employers offer benefits with tax and/or NI breaks via a flex scheme
- 55% of employers believe their flex scheme has been effective at reducing/containing the cost of reward
- More than 50% of employers view flex as an effective recruitment and retention tool
Source:
Employee Benefits research 2008–10