Standard Life’s flex scheme mirrors its changing workforce

Having implemented flex in April 2006, Standard Life is aware of its changing workforce demographics and is working to keep flex as popular in the future as it is today.

Bearing in mind the gradual shift in the age of its workforce, the financial services company is looking to understand which benefits appeal to more mature employees in order to target them accordingly.

Marek Wilkojc, compensation and benefits manager, explains: "We are conducting a review of the flex scheme and are trying to understand what [has] worked for our mature staff. We are also looking at salary levels and how that has impacted on benefit choice."

Although allowing employees to dip into their flex package to make choices more than once a year may bring more fluidity to the scheme, Wilkojc explains that this would create extra work.

"I think we [will] continue to conduct renewals on an annual cycle. Any more than this could potentially become an administration burden," he says.