The Huge Benefits of Flexible Employee Benefits
Flexible Employee Benefits are something that you may have heard mentioned in your workplace before, but perhaps you’re unsure as to what they are and what they do.
Flexible Benefits are formalised systems that allow employees within a business the opportunity to vary their pay / benefits package in order to satisfy their own personal requirements. Flexible Employee Benefits allow employees the chance to alter their salary upwards or downwards by taking fewer / more benefits respectively, depending on the offer.
Now, what benefits do Flexible Employee Benefits provide to you as an employee?
- You can choose benefits to meet your needs
- You will obtain a true idea of what the full worth of your benefits package is
- You get a sense of control and involvement through having a choice about what benefits you take
And what benefits do Flexible Employee Benefits provide to you as an employer?
- You are seen as more responsive to the needs of your workforce, especially in today’s world where the workforce is more diverse, demanding and ageing.
- You are seen as a more attractive proposition to potential employees, and it also allows you to retain key personnel that are already employed.
- They help to align your organisations reward strategy to both HR and business strategies
Typical benefits that are included as part of a Flexible Employee Benefits package include:
- Childcare vouchers
- Cycle2Work Scheme
- Pensions
- Mobile Phones
- Cars
- Travel
- Car Parking
- Life Insurance
- Motor Breakdown cover
- Buy / Sell Annual Leave
- Health Plans
- Gym Memberships
- Many more…..too many to list.
If you’re an employer and you’re keen to discuss the possibility of adding flexible employee benefits into your organisation, there are multiple providers out there, each with their own offering and unique selling point. Make sure you do your research and choose an option that matches what you want.
If you’re an employee and you are thinking of asking your employer about these types of benefits, again, do some research so you can present back to them to tell them why they might be a good idea.
Either way, if you would like some further information about Flexible Employee Benefits and how they may benefit you regardless of if you’re an employer or an employee, take a look at https://flexgenius.co.uk where you can find even more great information about how you can transform things for yourselves.
If you have any questions, please speak to the team at Flex Genius, who will be more than happy to help you.
