Editor's message: Flexible benefits packages give employees a choice over which benefits, from a wider selection, they wish to receive. Giving them the ability to choose the benefits that are most relevant to their situation and lifestyle can be a powerful attraction and retention tool, help increase employees' perceived value of the benefit package and boost engagement. Having a flexible benefits scheme also means that the employer avoids providing benefits that employees do not value.
Employers will find that implementing a full flexible benefits programme generally requires careful design and planning, negotiation of supplier contracts and the selection of suitable software to support the administration, as well as meeting the associated costs. As an alternative, organisations may offer some flexibility in their benefits package, rather than a full flexible benefits programme in which employees are free to select, amend or alter all of their benefits.
Sarah McCarthy, HR practice editor
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In a time of low pay awards, employers can really enhance their reward offering through the benefits package they offer. Our research investigates the use of around 40 different benefits.
Giving employees a choice of benefits, and delivering them in the most cost-efficient manner, are key themes emerging from this year's survey of employers' benefits and allowances packages.
Definition from the XpertHR glossary.
Practical guidance on how to introduce a flexible benefits scheme as part of the organisation's reward strategy.
Our recent survey of benefits and allowances looked at what benefits are offered by employers and how they are delivered. Here, Roche Products tells XpertHR how it went about building up its flexible benefits (flex) offering.
E.ON has re-packaged its employee benefits into a flexible benefit scheme and taken steps to maximise the take-up of family-friendly benefits, particularly childcare vouchers.
HR and legal information and guidance relating to flexible benefits.