Flexible benefits
An increasing number of companies are re-evaluating their benefits packages, to reflect the demand for greater flexibility and choice, as well as initiatives to help the work/life balance. However, the need to retain control of costs remains a priority.
Flexible benefits can help resolve this dilemma and can take many forms, from a fully flexible 'menu' approach to one that involves giving employees additional lifestyle-based options on top of traditional core benefits such as pension scheme membership and death in service entitlements. This can be anything from more flexible holiday entitlement to voucher-based loyalty schemes. Salary exchange/sacrifice is also a popular tax-efficient option.
Moreover, flexible benefits allows more progressive companies to harmonise their benefits package across the workforce and offers greater choice to employees who are increasingly looking to improve their own 'work/life balance'.
With our knowledge of the market, we can help assess the best flexible benefits package for a company, comparing what they offer to that of their competitors in the local marketplace.
