A benefits platform that is flexible has the potential to have real and significant changes to your company and employee experience.
The benefits go beyond just giving employees the option of choosing. Flexible benefits are an investment, not cost, and can be a significant difference and alleviate HR-related headaches.
If you’re struggling with low engagement from your employees in benefits or are struggling to convince employees about the advantages of the benefits offered to employees or the system you’ve set up does not meet the diverse range of people in your business having a flexible benefits system may be the best option.
What is an agile benefits platform?
Flexible benefits platforms bring all benefits for employees in one place, while providing employees with the option of tailoring the benefits they receive to suit their needs. Employees can use technology that allows them to customize their benefits package to their preferences and maximize the benefits of employees they value the most.
Sometimes, employees receive a the flexibility to spend their benefits allowance for benefits they choose. When applying for or using the scheme, employees are given the option of allocating their allowance for flexible benefits to cover a portion or all of the costs.
Benefits of the Flexible Benefits Platform
In fact there are many benefits to using flexible benefit platforms.
The advantages your company could see from an employee benefits platform might differ from one another, but there is no doubt about the importance in flexible benefits as well as the benefits the technology of flexible benefits could bring for your company and your employees.
Employees can tailor their benefits
A flexible benefits system allows employees to enjoy the benefits that meet their needs and their families the most.
Employees have a more personalized experience through your employee benefits program and the variety and flexibility that they have is only going to make their lives easier.
It’s about incentives or benefits, the more personal you make it , the more likely it will make!
Staff feel more appreciated
A flexible benefits system lets employees know that the company is a fan of employees having access to benefits that fits them right down to the level.
While there are employee benefits that include a variety of benefits that the business may think that they are appropriate for the vast majority of the population by taking the time and to invest in a flexible benefit platform to further benefit employees shows a dedication to employees and the overall experience for employees.
It doesn’t matter if it’s a student seeking discounts or a parent searching for a better health plan for their family Employees will feel more appreciated knowing that the company has put in time and resources in an arrangement for benefits which they will truly enjoy.
Increased retention of employees
A better-designed employee benefits package can be beneficial to employees at a personal as well as financial scale.
In addition, it makes employees feel appreciated It also means that staff are more likely to save and also benefit financially due to a greater participation in the scheme.
With a compensation as well as benefits plan that’s more beneficial overall, employees are less likely to be enticed due to a raise in pay.
Flexible benefits platforms help to provide a benefits plan which is more likely to not be offered any other way, while improving the relationship between employees and the business.
Better recruitment
Flexible benefits platforms are perfect for your employees, but also for any new hires.
Flexible benefits can be the reason for someone opting for your company over another, if the entire benefits, pay and compensation package is considered.
Certain benefits are very beneficial from a financial standpoint for certain employees and with many options the benefits package can be available to be as useful as it is able to be to the maximum number of employees possible, while ensuring that your benefits are always higher than those of other recruiters.
Flexible benefits packages can boost how much you salary as well as your compensation and benefits package and will help in the process of recruiting!
Better employee engagement
An e-benefits platform that is simple to use, quick and efficient can also increase the engagement of your beneficiaries.
One of the most important factors in driving the use of benefits is the accessibility to benefits available to employees. Making sure all benefits are together with a flexible benefits platform that is designed with customer experience at the forefront will increase engagement.
Tax and NI savings are bigger on salary-sale schemes
With a rise in engagement and increased participation of employees, they not only save money, but the company could too. In the case of salary sacrifice plans which allow employers to make Tax and NNI savings, further savings can be made with an increase in participation.
With increased participation in benefits and savings that are higher, some scheme for salary sacrifice can be cost-neutral.
While benefits for employees and a platform for flexible benefits are, and should be considered investments as well, a higher rate of salary sacrifice use can actually bring a tangible financial return before other benefits are to be considered like improved retention and recruiting.
A further benefit to your reward
Flexible benefits platforms add an important dimension to the way you recognize employees.
With the flexibility of benefit platform technologies, workers are able to determine how they’ll be recognized.
The efficiency of this is dependent entirely on the way your flexible benefits platform installed. For instance, if you have an Holiday Trading scheme and you’re using the flexibility of a benefits allowance the employee can make use of their allowance to benefit from flexible benefits that to earn a bonus when they purchase an extra one day annual holiday.
Emphasises your internal reward brand
A custom, flexible and customised benefits platform that has a design and function that is in line with the internal branding of your company will aid in strengthening it in the minds of your employees.
Hosting all of your advantages on a platform that is branded will create a brand that is more well-known and improve the efficiency in your communications internally.
Internal branding can be an important factor in a solid company culture . Many big companies around the globe invest heavily on their internal brand that benefits them both internally as well as externally from the result.
Access to your benefits
With an incredibly flexible benefits platform, employees can use their platform and benefits virtually anywhere via various devices.
As we’ve mentioned before, accessibility is key in boosting engagement and uptake. One factor is, as previously mentioned how users experience. Another aspect is the capability to connect to the platform from the first place , from any location, at any time.
The specifically designed platform guide users through the process and give them to gain access to their advantages, it will be easily accessible for them to use on an iPhone, a laptop, a tablet, or any other device that is compatible with it.
All reporting and information in one location
A specially designed, all-in- one benefits platform that is flexible is planned to make the job of HR professionals easier and efficient.
All of the information in one location allows for more efficient administration and reporting and is therefore not only more efficient for the staff, but also for those who manage the platform from day to day too.
Flexible benefits platforms are an investment that has huge potential. Not only can it improve the employee benefits system and administration, it also helps solve the most challenging HR issues, such as retention, recruitment and engagement. In terms of HR investment, there isn’t a better one than it!
Bespoke communication
With a platform for flexible benefits one of the major issues employers confront is the issue of communicating the benefits of their program to workers.
With a specific platform, that includes all schemes you’d like to include with the right service provider you’ll not just receive information on benefits to promote the platform , but also marketing material for schemes also to create buzz about new scheme launches and new window applications for benefit schemes to ensure the maximum amount of take-up.
