Flex Benefits
Flexible Benefit schemes are a means of offering a more tailored choice of benefits to staff within defined parameters. They usually run for a set contract period, whereby staff can opt into or opt out of employer paid benefits, select employee paid benefits or take cash
These can include tax efficient benefits such as childcare vouchers, mobile phones, bicycles for work and salary sacrifice pension contributions.
Employees are allocated a benefit allowance which they may then opt to spend on a choice of benefits offered. They can decide whether to upgrade or downgrade existing benefits or choose new ones. A truly flexible benefits package is one that involves trading one element of the reward package for another. Employee access is vital to this choice process.
Flexible Benefits are known not only to improve recruitment and retention but the increase in choices available recognizes the diverse needs and values of staff as well as maximizing the use of tax and NI savings.
Different schemes have different levels of flexibility. Very few organizations let employees trade every benefit, as some, like PMI, are to facilitate employees returning to work as soon as possible after illness.
Nearly 23% of organizations already offer a formalized flexible benefits plan and approximately 30% of organizations are considering whether to introduce one.
Together with our partners Staffcare, we can help you decide whether Flexible Benefits are feasible for your company, design what type of flex programme it should be, then help you to implement and maintain the scheme going forward.