Flexible Benefits (What are the advantages of flexible benefits plan? (…
What are the advantages of flexible benefits plan?
Greater individual freedom of choice
Gain better appreciation of the value of the benefit package
What are the disadvantages of the Flexible Benefits Plan?
Administrative problems for employers
Make wrong choices
What is Flexible Benefits?
Flexible benefits also known as “cafeteria benefits” allows staff to choose their own benefits from a set range of benefits offered. They are allocated an individual allowance to spend on benefits.
What is the purpose of Flexible Benefits?
To help recruit and retain the best staff by making the company more attractive to work for
To provide a means of improving employee satisfaction which would flow through to improvements in customer satisfaction
To provide certain benefits for staff in the most cost-effective manner
To allow employees more choice over how they were rewarded, allowing them to shape their benefits package so that is more closely matched with their personal circumstances.
To meet the diverse working force.
What are the objectives of Flexible Benefits?
To meet the diverse needs of employees.These needs depend on the phase of life of the employees.
What are the different types of flexible benefits programmes?
Flexible Spending Accounts
Paid Time Off During Working Hours
Payment for time not worked
Domestic Partner Benefits
Flexible work arrangements
How to introduce an attractive flexiblebenefits package?
Define the strategy
Decide on the form of benefits package
Designing and administering the scheme
Organise the structure of the scheme
Decide on the benefits menu
Define the enrolment options
Communicate with employees
Monitor take-up and develop the scheme
What types of benefits will be attractive/appealing to different groups of staff?
What are the administrative details required to manage a flexible cafeteria benefits package?
What are the potential challenges faced when administering a flexible/cafeteria benefits package?
Helping employees understand benefits
Appealing to different demographics
Making unbiased employment decisions
Balancing added responsibilities with day-to-day duties