Implementing a Flexible Benefits Package
How we reward our employees varies from company to company and then it depends what level the individual operates at as to the type of benefits that they are entitled to.
Some of our clients have a flexible benefits programme that allows their people to decide how they would like to spend there “benefits allowance”.
What are Flexi Benefits?
Sometime known as cafeteria benefits, flexible benefits are seen as a popular way to integrate benefits packages during mergers and acquisitions and at other times of company change. They also offer a greater flexibility for the workforce that has a variety of needs.
Examples of such benefits may be:
• medical insurance
• dental insurance
• life insurance
• health cover
• critical illness cover
However, the growth of technology means that more suppliers offer bespoke flexible benefits plans in a cost effective manner. This approach is making the employers think twice about benefits offering.
Five Top Tips on Implementing a Flexi Bens Package:
1. Conduct a feasibility study which will help build the business case for flexible benefits
2. Engaging with your employees to find out what they want in the from a benefits package as well as clarifying the business drivers
3. Break down the different audiences within the business to consider their needs more deeply
4. Involve your preferred suppliers sooner rather than later. They are experienced at the planning and implementation of such projects use their experiences to guide you
5. Create a CLEAR communications plan to ensure that all stakeholders know what has changed, when and the benefits to them.