Flexible Benefits And Total Reward Statements
Benefits that complement an employee's lifestyle.
In today’s market, employees are looking for a package that not only rewards them financially but also complements and enhances their lifestyle in and out of the workplace. Astute employers also know that keeping employees enthusiastic and engaged is about providing them with a choice of rewards and benefits that make them feel valued and appreciated.
Why introduce flexible benefits?
Flexible benefit solutions are a great way to engage staff by allowing them to choose the benefits that mean most to them. This collaborative approach not only makes benefits accessible in a way that lets employees connect with their benefits and feel valued, but also supports staff recruitment, retention and satisfaction.
Flexible benefits allow employers to offer their employees a range of benefit options, which they choose to match with their personal circumstances.
They can, for example, opt for more tax-efficient benefits or make salary sacrifices to boost their pension. Some of the reported advantages of introducing flexible benefits include:
Giving staff a sense of control.
Employers are seen as recognising the diverse needs and different life-stages of their employees.
The provision of benefits becomes less contentious.
Employees appreciate the true worth of the benefits package.
Improves staff retention and helps to attract new talent.
Total reward statements
Another option is to implement total reward statements, which are a fantastic educational tool for employees.
They highlight to each individual their cash and non-cash benefit entitlement and brings together the total value of their full remuneration package (rather than pure basic salary).
Delivered in a clear, concise and engaging way, total reward statements work as the first step in benefit communication, or to reinforce benefits strategy throughout the year.