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A flexible approach to benefits is gaining in popularity for two main reasons. Firstly, businesses need to recognise the diversity of their employees and adopt an individualised approach to meet the needs of their workforce. Secondly, flexible benefits are essential to remain competitive and crucial for recruitment and retention.
When a business adopts this style of benefits package, they must ensure that their workforce fully understand the advantages and financial implications of all the benefits available to them. As always, communication and education are key.
Popular flexible benefits
The mix of people in your organisation will determine the flexible benefits you offer, but let’s look at some of the most popular benefits and explore in more detail the advantages to both the employee and employer.
Buying and selling annual leave. Every company will have a policy which states the minimum annual leave an employee must take every year. As long as this policy is adhered to, an employee can sell back any days they won’t be needing or buy some more under this scheme – whichever suits their needs.
Cycle to work schemes. We all know the benefits of cycling for our health so why not cycle to work. To encourage this healthy lifestyle a business must look to install changing rooms – preferably with a shower! If not, then your HR department may be receiving some complaint calls.
Pension contributions. Many companies are able to offer their employees an option to make contributions to top up their pension on a salary sacrifice basis.
Gym membership. It’s a great idea to secure a corporate discount for your employees. It not only boosts health but will boost morale and productivity too.
Health screening. This promotes wellbeing and empowers your employees to take control of their future health.
Empower your employees
Every one of your employees is unique and this should be reflected in their flexible benefits package. And never under-estimate the power of choice – choosing your own benefits is a benefit in itself.
If you want more information on how to put together the ultimate benefits package or need support with communicating the range of benefits to your staff for optimum take-up, please get in touch by calling us on 0161 941 2426.
“We have developed a strong working relationship with the team at P3PM who we now view as an integral and valued business partner. They take the time to understand our business and inform us of any regulatory employment changes that might affect the decisions we want to make. With our current and planned headcount, we know that there is always someone at P3 to respond to our call / email and take action quickly to ensure we remain compliant whilst also coaching our manager’s through difficult situations which gives them the skills they need to tackle issues even better in the future. P3PM ensure that we are supported with any employee related process, the results of which mean positive and timely resolutions to some challenging employee matters. ”
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