Flexible employee benefits have been around a few years now. The scheme has been innovated as a way for employers to make its employees become more responsible for their workload. It is also beneficial in tailoring benefits to the individual. The days when the entire company’s workforce received and end-of-year profit bonus, based on the figures produced by the firm’s dividends, are fast coming to an end.
Individual merit and accomplishment are at the forefront of what are known today as Flexible Employee Benefits. However, it is vital that business lets its members know why individual schemes work better than a one-size-fits-all one does.
Let us look closely at an individual’s resume or LinkedIn profile: when it says on there that the company once last worked for made a huge profit of, say, £865 million, and that each employee received an end-of-year profit share amounting to 3% of annual salary – it doesn’t really say much about the individual.
Whereas, a tailored or flexible employee benefit, on the other hand, does shout out to any potential employer that the candidate truly does possess some potential – if only for the fact the employee has earned those benefits as an individual, rather than as part of a [giant] team. Moreover, we all know when receiving those bonuses in the past, someone in the workforce would always bemoan someone who had not worked hard enough and deserved the same return as others within the organisation.
If we look at some examples of flexible employee benefits, we can take the annual leave as one process: some employees wish to take more time off than allocated, others may well do with less. It can work in to the benefit of both employer and employee. It is achieved by first reducing the business salary bill and benefitting the employee by saving them the national insurance contributions, otherwise payable when on annual leave. Adversely, an employee can sell annual leave should the full entitlement not be needed, allowing for more money to be earned in place of time off work.
Flexible Employee Benefits Cover All Aspects of the Business
One of the more popular perks of a job are the things like private medical insurance and gym membership. Often dished out to senior management as standard, this flexible benefit can now be rolled out to all. Life Assurance cover and health screening programs are two more examples of how flexible benefits can serve both the company and its employees.