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Flexible Benefits (Objectives of flexible benefits (Improve Quality of…
Flexible Benefits
Objectives of flexible benefits
Improve Quality of work life
Increasing productivity through enhancing loyalty and motivation
Appreciation of the value and cost of each benefit
Attract and retain top talents
Meet a wide range of needs
Types of Flexible Benefits
Modular
Full Flex
Core plus
Traditional Plan with flexible options
Benefit Spending Account
Pros of having flexible benefits
Employer
Meeting Employee Needs
Recruitment and Retention
Financial Control
Employee
Control of Benefits and Expenses
Better Plan, Better Life
Cons of having flexible benefits
Employer
Cost - have to be carefully managed
Motivating factor
Sharing Information
Time to implement
Employee
Lack of Portability
Potential to Lose Money
Definition
any scheme that allows a company’s employees to choose from a range of available benefits