Flexible benefits packages are probably something you’ve heard a lot about or maybe even had experience in using as an employee. But what is a flexible benefits package? And how can it support your business and your HR objectives?
Flexible benefits systems can vary in the way they’re setup and the way they function.
Flexible benefits can be adapted to suit your business, but here we’ll look specifically at flexible benefits in the context of our own flex benefits solution which we provide to our clients.
Our client-led development approach has meant we’ve developed our flex benefits solution to suit the needs of clients of all shapes and sizes.
So, what is a flexible benefits package?
What is a flexible benefits package?
A flexible benefits package is a benefits package which employees can tailor to themselves and their needs.
Typically, employees are allocated a flexible benefits allowance which they can allocate to the employee benefits of their choice.
Instead of selecting a few employee benefits that might benefit your staff, your employee benefits package incorporates a wider range of employee benefits, giving more choice to employees over which they use and which they can take advantage of.
There’s a whole range of employee benefits that can be incorporated as part of a flexible benefits package. For more information on this, browse through our employee benefit schemes or get in touch for an overview of how flexible benefits could work for your business.
Why flexible benefits are important right now
HR teams and professionals everywhere have faced huge challenges in supporting employees since the start of the pandemic.
It’s been draining physically, mentally and financially for many, so looking after employees and ensuring their employee experience is the best it can possibly be has been a big priority.
The pandemic has also widened the gap in terms of the positions people find themselves. Furloughed vs. non furloughed, remote vs. non remote, increased savings vs. financial difficulty, employees have been affected by the pandemic in all kinds of ways.
This means employees need different types of support and a more personalised experience and a blanket set of employee benefits may disproportionately benefit some employees more than others.
A more personalised employee benefits package
Some employees may have picked up cycling while others may find they’re too far from the workplace to feasibly cycle in and make the most of the Bike to Work scheme.
This is where flexible benefits can provide a more personalised employee benefits experience.
Your cyclists can use their flexible benefits allowance on the Bike to Work scheme, your parents can use it on the Technology scheme to buy more reliable and affordable tech for their children to support their studies, while all your employees get real value from your flexible benefits package and an improved employee experience.
What about businesses?
It’s not just employees who’ve had a tough time over the last year, businesses have too. So, are flexible benefits feasible for businesses today?
The answer is yes, they’re not just feasible from a budgetary perspective but a flexible benefits package will help demonstrate a better ROI on your employee benefits.
A flexible benefits package is more likely to improve employee engagement overall and engagement with employee benefits, improve the overall employee experience and ensure employees get the very most from their compensation and benefits package.
Employees are happier, employee turnover is reduced, and recruitment improved, all contributing to a great ROI on your employee benefits.
For employee benefits like Holiday Trading and the Bike to Work scheme, increased engagement means increased National Insurance savings for the business too which go a long way to demonstrating a strong ROI.
Using a flexible benefits platform
A flexible benefits platform has a ton of benefits when it comes to getting the most out of your flexible benefits package.
A platform brings your flexible benefits package together under one roof and provides all the functionality you need to make it quick, easy and simple to manage, administer and set your flexible benefits allowances for your staff.
For all the benefits of a flexible benefits platform, read our blog on the 10 advantages of a flexible benefits platform.
Working with a provider for your flexible benefits solution
Sourcing each employee benefit scheme you’d like as part of your flexible benefits package can be a time-consuming and costly endeavour.
That’s before you think about how you’re going to integrate them into a platform with the technology and functionality to manage it all.
This is where finding the right provider is key. A flexible benefits provider will:
- Do all the heavy lifting for your business, bringing together all the benefits you need as part of your flexible benefits package
- Source any extra employee benefits you need
- Integrate your existing benefits into your flexible benefits package
- Recommend extra employee benefit schemes that have worked for companies like yours in the past
- Host everything on a platform that includes all the flexible benefits functionality you need
- Build a flexible benefits solution to match your exact requirements that fits within your budget.
So, whether you need an off-the-shelf flexible benefits solution or more complex technology, working with an employee benefits provider is the way to go.
To find out more about how we can help you, head over to our Flex Benefits overview page. Or to try it for yourself, get in touch and we’ll set you up with a free demo.