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Flexible Benefits
Many employers are now considering more flexible methods of rewarding and recruiting employees. Often the 'one size fits all' set of standard employee benefits may not prove attractive to a diverse work force. Aided by the development of IT systems, flexible benefits schemes can now be set up by employers of varying sizes on a cost efficient basis.
A scheme could provide a limited range of options from which an employee can select the type and amount of benefits required. For example employees may select greater pension and life assurance benefits in exchange for reducing basic salary. Simply providing a total reward statement, which shows the employee the total value of all benefits is often an initial step, which can lead to the introduction of flexible benefits.
A comprehensive flexible benefits scheme might include a full range of exchangeable benefits including holiday, pay, pension, death benefits, medical benefits, other insurances and discount voucher schemes.
Careful design of a flexible benefits scheme, taking into account tax, National Insurance and legal issues, will ensure that the arrangement matches an employer's objectives. Implementation of such a scheme will focus on a selection of options, scheme design, communication and the introduction of a web based IT solution to operate the scheme efficiently in connection with an employer's existing systems.
Related DocumentsFlexible Benefits (724.46 KB, .pdf)