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
Flex take-up lower among younger staff
Take-up of perks offered through flexible benefits schemes remains low among younger workers, forcing employers to consider the lifestyle needs of Generation Y, according to research published by consultancy Mercer.
01 Jun Field Fisher Waterhouse launches TRS and pension salary sacrifice
01 Jun Recession takes its toll on wellbeing perks take-up
27 May Towry Law adds pre-paid debit card to flexible benefits
05 May Hutchison extends flex to entire workforce
08 Apr Schüco International GB launches flexible benefits scheme
Analysis
Optimising the value of benefits
In tough times, optimising the value of benefits will boost staff appreciation and engagement, but does not have to cost the earth, says Debbie Lovewell
01 Jun Using flexible benefits to motivate staff in the downturn
01 Mar How to communicate flexible benefits
01 Mar Pensions within flexible benefits schemes
16 Jan Optimise flexible benefits through segmentation
Case Studies
Case study: Nationwide looks to choice
Nationwide Building Society optimises the value of its benefits package by keeping its offering fresh for staff and promoting certain perks at key times.
08 Apr Case Study: Aviva
01 Oct Case Study : Alexander Mann Solutions
01 Oct Case Study : O2
01 Oct Case Study : Boehringer Ingelheim
01 Oct Case Study : Adecco
Research
Consumer confidence may hit flexible benefits choices
Falling consumer confidence could hit flexible benefits choices, with access to ready cash now a more pressing concern for employees than tax-efficient benefits.
23 Jun Flex take-up lower among younger staff
01 Jun Recession takes its toll on wellbeing perks take-up
01 May Employee Benefits Research 2009: how benefits are offered
01 May Employee Benefits Research 2009: flexible benefits
