Flexible benefits schemes enable employers to allow staff to select the benefits that suit them. 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 wide range of options for staff to select from, including tax-efficient benefits such as childcare vouchers and mobile phones or salary sacrifice pensions contributions. 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.
The Employee Benefits Awards are on 12 June.
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CIPD Reward 2015: To keep schems fresh.
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The return on investment needs to be shown.
Innovative communications strategies are key for engaging staff in their benefits.
Oil and gas organisation Nexen had to get buy-in for new flexible benefits technology to help pool its benefits online for its 700 employees.
It has grown its reward strategy.