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 Byrne, HR practice editor
OVO Energy talks to XpertHR about its approach to financial wellbeing and how it is helping its young workforce to save the money they need to buy their first house.
Benefits packages have an important role to play in an organisation's recruitment and retention strategy, particularly as the labour market remains tight. Our research examines the types of benefits and allowances offered.
The range of possible benefits available for organisations to offer their employees is vast, but the right mix needs to be chosen to attract and retain the employees they need. We look at some of the most common benefits and allowances, and the level of offering.
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Definition from the XpertHR glossary.
HR and legal information and guidance relating to flexible benefits.