Just over one in 10 (11.5%) of the Law Society’s 1,400 employees have opted to take cash instead of perks under the organisation’s new flexible benefits scheme, launched at the turn of the year.
The scheme, called Your Flex, was introduced alongside performance-related pay and pensions salary sacrifice with the aim of changing the organisation’s culture and improving employee motivation.
A spokesperson for the Law Society, says: “The Society is hoping to enable staff to tailor their benefits to their needs.”
Making a benefits package more relevant means allowing staff to opt out of benefits altogether if they want to. Your Flex gives staff a flex pot worth 3% of base pay, which can be taken as cash or used to buy benefits.
Despite the scheme being launched in the middle of a recession, and some staff going for the cash option, the majority have voted with their feet and shown they still value benefits over cash.
When the scheme went live, 88.5% of employees chose benefits over cash, the most popular being dental cover and the new defined contribution pension plan.