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Long gone are the days when an employee was satisfied with just a salary and a pension. With increasing competition in today’s workplace additional benefits go a long way to attract and retain a talented and loyal workforce. Add ‘flexible’ to the mix and you’ve got yourself a winning combination.
What are flexible benefits
Flexible benefits give the employee a choice of taking up the benefits which will make a positive difference to them and their families.
To compete with the larger organisations, smaller businesses who put in place a flexible benefits package will be in a strong position to attract high calibre individuals.
Why do they matter
Having a flexible benefit scheme will differentiate you from other employers. It provides a positive employee experience and encourages healthy and positive behaviours. Above all it demonstrates that you care about your workforce.
Flexible benefits to consider
To create an envious flexible package, the more choice you can give, the better. When only a limited set of benefits are on offer, there is a chance that an employee is unable to pick anything that really matters to them and their lifestyle.
Here are some popular voluntary benefits you can offer your employees.
Alleviating stress and money worries
It has been reported that almost a quarter of a workforce worry about their finances and not being able to afford to look after themselves or their families properly when it comes to health and wellness. It’s no surprise that the three main reasons for workplace absenteeism is due to finances, health issues and family commitments.
These concerns massively reduce an employee’s productivity and may negatively impact their mental health. In addition, they are more likely to sleep poorly resulting in them not being as effective as they should be.
Companies should look at the bigger picture. For instance, on first glance, you may think that offering flexible work arrangements allows an individual to work at a time to suit them and at a time when they feel more productive. But this benefit does so much more; it allows them time to take an elderly parent to a hospital appointment, it stops them worrying if a train is running late and so much more.
A flexible pot
To strike a fair balance, some companies give a pot of money to every employee to put towards the benefits they wish to take up. Any additional benefits will have to be paid for by the individual.
Paying for the benefits
Employees wishing to take up a flexible benefit can do so by making payments through salary sacrifice.
This means that the money is deducted straight from the salary resulting in significant tax and National Insurance contribution savings.
Make the scheme add value
To offer a flexible benefit scheme which is valued by your employees it should be considered carefully to match the needs and desires of your staff. Before you put any scheme in place immerse yourself in the demographic of your workforce.
One way to make even more of a positive experience is to have in place an online solution where employees can take control over which benefits they decide to take.
Let’s look at the advantages an online solution brings:
Cost saving benefits to the business
It’s a real win-win situation! The employee benefits and so does the company. Not only do companies enjoy higher levels of staff engagement, loyalty and productivity, there are immediate and tangible cost savings too.
We’re here to help
If your organisation requires our support to create a flexible package or would like help with an employee satisfaction survey to gauge the wishes of a workforce, just call us for a chat on 0161 941 2426.
“P3PM helped us to find a [360 degree feedback] tool which responded to our need for detailed and actionable feedback for senior staff within the business. They ensured that we were supported throughout the process. The outcomes have been tangible, with colleagues identifying clear areas for development which have been actioned and realised positive results. The process also helped us to understand the balance of skills and behavioural competencies within the senior team and tailor recruitment and development to move towards the balance we want to have. ”
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