Flexible Benefits

In recent years, employers have begun to offer more flexibility to employees in the provision of their total reward package. The provision of flexible benefits allows employees to select benefits for themselves. Providing some level of control over the selection of benefits that make up a total reward package can be empowering for individuals. The business case should outline the objectives for such a plan, and what benefit both the organization and the individuals will receive from it. 

Take a fresh look at your current benefits program. Getting clarity on your ‘as-is’ package will help you to assess and map out your current offering for employees. There is not necessarily a requirement to create a new benefits package in order to offer some elements of flexibility. Many organization could simply offer to buy and sell additional annual leave. It may be beneficial to use a third-party benefits supplier to administer your program. Such organizations will be managing flexible benefits program for a range of businesses, and as such can provide subject matter expertise, platform.

Whatever level of flexibility you are able to offer to employees, you will need to support the implementation of your plans with a clear communication plan. In the context of employee wellbeing, the simple act of providing choice, empowerment and flexibility to your people is likely to have a positive impact on their employee experience. By providing a great range of benefits, organizations are more likely to be considered as an employer of choice.