Flexible benefits
Flexible benefits schemes enable employers to allow staff to select the benefits that suit them. With greater workplace diversity, this choice of perks is highly popular among employees. Known as cafeteria benefits in the USA flex is seen as a popular way to integrate benefits packages during mergers and acquisitions and at other times of company change. Flexible benefits schemes can include a wise range of options for staff to select from, including tax-efficient benefits such as childcare vouchers and mobile phones or salary sacrifice pensions contributions. Flex schemes initially came to the market in seemingly expensive bespoke packages before the development of the off-the-shelf format. However, the growth of technology means more providers and consultants in the market have reduced costs and bespoke flexible benefits plans have become increasingly popular as a means of offering more tailored employee choice.
How to manage flexible benefits
Key research on flexible benefits
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News
Bureau Veritas provides one-stop access to flex and voluntary schemes
Bureau Veritas has launched a flexible benefits package, added new perks to its existing voluntary benefits offering, and unveiled a benefits portal online giving staff access to benefits in one place for the first time.
08 May TD Waterhouse boosts flexible benefits with five new benefits
06 May Alexander Mann's new UK flexible benefits plan to go global
06 May Vets Now opts for flex plan
06 May Standard Life uses flex to further green initiatives
06 May Atkins ups holiday trade
Analysis
The impact of the credit crunch on reward
The credit crunch and economic slowdown is prompting many employers to keep a close eye on spending, so Jenny Keefe looks at the impact on reward
06 May Greater onus on employers to look after staff needs
01 Oct Flexible reward: the next generation
01 Oct How to select a provider through the tender process
01 Oct Choice over popular perks
Case Studies
Rok Construction plans flexible benefits to harmonise perks
Construction company Rok is keen to implement a flexible benefits scheme in order to harmonise perks across the group following a spate of acquisitions. In a step in this direction, it asked four firms to tender to run a feasibility study into the suitability of launching a scheme, before settling on Thomsons Online Benefits.
03 Dec Enviros offers carbon offsetting to staff
13 Nov Acision adds carbon offsetting to flexible benefits scheme
01 Oct ING Direct launched flexible benefits on a cost-neutral basis
01 Oct AA offers its senior managers flexible benefits
01 Oct Siemens works hard to communicate its flexible benefits to staff
Research
Employee Benefits/Towers Perrin Flexible Benefits Research 2008
Key findings include the fact that 81% of respondents believe flex recognises the diverse needs and values of the workforce.
07 Apr Pensions are most popular perk offered through flex
04 Jun Flexible hours take lead in latest raft of benefit additions
30 Apr Research: Flexible benefits
21 Mar Employers reject reduction of pension contributions in face of personal accounts
01 Nov What employees really want
