Employee Benefits are a great way of keeping a happy workforce, but what are flexible employee benefits?
Alongside your standard employment benefits (e.g. pensions, annual leave allowances, bonuses potentially, etc.), you might encounter flexible employee benefits. Flexible employee benefits are formalised systems that allow an employee to vary their pay and/or benefits package to meet their own personal requirements. One thing to make clear here is that they are NOT the same as voluntary employee benefits where the employee would have to pay for the extra benefits.
Flexible Employee Benefits can include things such as:
- Health Schemes (insurance, etc.)
- Buying / Selling annual leave – Buy holiday or sell leave days back to the employer. This potentially allows the employee to take extra leave without impacting on their net pay.
- Bicycle Loans / Cycle to Work Scheme – Enabling the use of a new cycle and associated safety accessories. This also offers tax benefits for both employer and employee.
- Childcare Vouchers – Allows parents to save tax and national insurance on their childcare costs.
- Private Medical Insurance
- Gym Membership – can help to increase an employee’s wellbeing and reduce the risk of illness.
- Dental Insurance – covers the cost of most routine appointments and some additional treatments.
- Health Screening – This promotes employee wellbeing and shows staff that their employer values them. By allowing an employee to have access to health screening, they can spot any potential issues early which is helpful for the employee and their health, along with the employer as it could help prevent absences within the business.
Of course, the benefits we have listed are not an exhaustive list and there are plenty more than can be added. If you are interested in finding more out about what they are and how they work then you can locate this information fairly easily on the web.
If you are interested in discussing the possibility of introducing flexible employee benefits into your organisation then take a look at Flex Genius. Flex Genius can be found at https://flexgenius.co.uk and you will find a whole host of options available relating to flexible employee benefits at different levels.
Flex Genius have been in business now for over 12 years and their aim has always been to create a better working world. They are one of the best, if not the best, in the business due to their new generation, proprietary technology which will allow them to deliver a highly-personalised solution to anybody looking to utilise their services.
There is no time like the present, so maybe it is time for you to consider introducing a range of flexible employee benefits into your organisation now.