Flexible benefits can bring many advantages to both employers and their employees.
Allowing your employees to tailor their benefits package to suit their individual circumstances helps increase engagement and is often attractive to potential new recruits.
As an employer, flexible benefits can also help you:
- avoid wasted benefit spend on elements that are not appropriate for certain employees
- highlight to employees the value of the benefits you are providing
- offer a benefits package that appeals to a demographically wide workforce
- effectively introduce and manage tax efficient benefits such as childcare vouchers
- harmonise existing benefits
- control benefit costs
- release the tax savings of salary sacrifice
Running a successful flexible benefits scheme is very different from traditional benefits provision so it is important to consider the impacts on your business and whether flex can help your business achieve its goals. Undertaking a feasibility study can help assess this.