Following on from Debbie Lovewell’s article (Lovewell’s Logic) last month in which she referred to the impact of rising prices and household bills, it is important flexible benefits schemes offer as broad a portfolio as possible to help employees make the most of their pay.
One of the simplest ways to achieve this is to include a range of discounted vouchers and rechargeable cards through flex with options to suit a diverse employee population.
This benefit is one of the easiest to administer, can be accommodated in both large and small schemes, and the advantage to the employee is immediate and highly visible.
We have worked with Xexec since 2011 and, by introducing a greater variety of vouchers and rechargeable cards, take-up has increased by 60% in two years.
This success can be attributed to the quality of the offering (currently 69 options) but also to employees’ awareness of the true value of this benefit, each gaining, on average, the equivalent of a month’s free shopping across the year.
Rosemary Crabb is flexible benefits manager at Nationwide Building Society