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Flexible Benefits (Process (Step 2: Seek Views, Step 3: Decide objectives…
Flexible Benefits
Definition
a scheme which allows employees to choose their own benefits from a set of benefits offered to them by their employers.
Objectives
- To meet the diverse needs of employees
- To aid recruitment and retention of employees, as flexible benefits are generally preferred by employees
- To improve the morale of employees
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Advantages
Employees can start to appreciate more their benefits and therefore increases or improves their morale and productivity.
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Disadvantages
Greater benefit flexibility can result in a greater administrative complexity to the company or firm
Need to explain to employees the various choices available as employees might not understand or have difficulty in choosing their needed benefits.
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