The Key Advantages of Flexible Benefits in the Workplace.
With an increasingly diverse workforce, it is has become vital for employers to have a diverse range of benefits representative of this; to meet employee needs. It is proven that a strong benefits range can assist in both recruitment and retention of employees, giving you greater choice of key employees, as a flexible benefits package is attractive.
But first, what is a Flexible Benefit?
A flexible benefit is one that is tailored to individual employees, allowing them to vary pay or benefits, to satisfy their personal requirements. The costs are fixed by the employer, although there is a flexible choice available to the employee. Therefore, employees can choice to increase or decrease their salary, in line with an increase or decrease in benefit. This means you can have a rewards strategy that is in line with company goals and strategy.
How Does Flexible Benefit Motivate Employees?
Example Employee Profiles:
- 18-24 Year Olds
- Individuals aged between 18-24 are more likely to want benefits relating to;
- cars, health and well-being, and travel.
- 40-50 Year Olds
- At this point in life, individuals are more likely to have children, and a house, needing benefits that reflect this.
With a flexible benefit, you can provide a valuable rewards package to both of these individuals, within the same company, increasing employee satisfaction, value, and desire to achieve. Offering specifically catered benefits, increases its value to the employee. It is also important to offer a range of benefit options; including those often overlooked. Individuals will often consider life insurance and death in service, but forget how important Will Security can be. Will protection, which is important throughout life, means that the family of the employee are protected without complication, should the unexpected occur.
What are the advantages of a Flexible Benefit for you and your employees?
At Redstone Wills, we know that a strong & flexible benefits range can assist in both recruitment and retention of key employees, with outstanding talent. Adding to an employee’s value, through offering choice, and showing trust, will increase employee motivation, whilst showing goodwill on the behalf of the employer who cares for the individual and their family. This is why we offer you the chance to obtain special rates for your employees, reducing the cost of the service against if they approach us directly.
A flexible benefit package, has financial advantages for both you and your employees. Offering a diverse range of employee benefits, they can choose whether to increase or decrease pay in line with an increase or decrease in benefit, depending on which benefits them more. The benefits are fixed; the flexibility is in the variety of choice available.
There is no cost to the employer due to the money being recouped within 12 months of the setup, all that is needed is a little time to set up the benefit.
Providing Above & Beyond for Your Employees
The Flexible Benefits scheme, adds to your employees feeling of trust and security, by allowing employers to offer their employees a much richer selection of helpful benefits. Offering a flexible benefit that goes above and beyond for your employee extending benefit to their family, through a benefit such as Will Security that makes life less complicated for the individuals’ family, should the unexpected occur.
Aside from the benefits mentioned above, we have condensed the key benefits clearly below.
Voluntary & Flexible Benefit Schemes
At Redstone Wills we offer Voluntary & Flexible benefit schemes meeting the needs of all businesses we work with, and in line with their individual benefit requirements. We can educate our partners and their employees, through a simple and easy to use service, to ensure they are selecting the best option of Will services for their circumstances.
If you have any queries or needs relating to your employee benefits schemes, and how you can enhance your offering through Flexible, or Voluntary Benefits, our Corporate Benefit team would be happy to assist.