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PCM Flexible Benefits (Process (Define business needs, Seek Views, Decide…
PCM Flexible Benefits
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Advanatages
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Employer
Provide benefits at a known cost that is fixed, irrespective of the choices that employees make, allowing employers to cap future costs
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Definition
Formalised systems that allow employees to vary their pay and/or benefits package in order to satisfy their personal requirements
Importance
Increase perceived value of the reward package offered, at no additional cost to the organisation.
Objective
meet the diverse needs of employee which such needs varies based on the phase the life of employee is in