What is meant by Flexible Benefits?
Flexible benefits are becoming an ever popular way of engaging and rewarding your employees.
The advantages of flexible benefits is that it gives your employees a choice over what benefits they can have, which in turn helps the benefits become more valuable and meaningful to them. This will help you as an employer, as it allows you to deliver a more rewarding and valuable total reward structure.
These schemes are usually delivered via a flexible benefits software platform.
For example, the key flexible benefit offerings could include:
- Childcare vouchers
- Cycle to work scheme
- Buying & selling holiday
- Salary sacrifice for pensions
- Buying private medical insurance for your and your family
- Buying health cash plan arrangements for you and your family
- Buying additional protection, e.g. life assurance or critical illness insurance
- Gym membership
- Corporate interest free loans, i.e. season ticket
- Employee discount portal, i.e. money off branded goods and services
Why offer it?
A flexible benefits platform allows you as an employer to enhance the look of your existing package and it allows employees to choose which benefits they have. Salary sacrifice arrangements can be implemented on such a platform and provide a cost saving to the you the employer through reduced employer National Insurance.
This National Insurance saving can normally cover the cost of implementing the flexible benefits platform! Furthermore, the platform allows all salary sacrifice arrangements to be managed in one place on-line, freeing up company resources.
Over the past decade, flexible benefit providers specifically targeting SMEs have come into the market, which provide a simple and cost effective proposition. Often these software providers came from offering just salary sacrifice solutions – so can allow all your salary sacrifice schemes to be managed in one place! Having a self service option for your employees means freeing up more of your time and also makes the whole employee experience very bespoke and engaging. Other options on these platforms are often available, such as total reward statements and auto enrolment management solutions.
How we can help you
Heritage works with trusted partners offering flexible benefit software solutions. We will ensure that you save time by speaking to the right providers at an early stage rather than wasting time looking for these providers yourself.
Should you wish to implement a flexible benefits system, Heritage is an independent employee benefits broker and can set up the specific benefit arrangements to be made available to your employees, like a pension scheme, private medical insurance, health cash plan scheme etc. The software will then sit on top of these benefits – allowing your employees to pick and choose from the options available.
If you would like an initial chat about flexible benefits, the costs and the steps you need to take to understand how it could work for you, please contact us and one of our experienced advisers will be in touch.
We provide this advice free of charge and with no obligation.