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Employee Benefits News

Latest News
01 Sep 2014

Employees´ Benefits Packages Should Be Flexible

There a number of benefits that employers can offer staff as part of their contracts, and according to an article on Personnel Today, giving them a choice when it comes to their benefit packages can achieve more engagement - and may even influence whether or not a potential candidate decides to work for a company.

The article refers to the latest research from XpertHR, which explains some of the ways that employers can integrate this flexibility into their packages.

Over half of employers (59.8%) offer a slightly reduced salary in exchange for certain benefits that can be extremely useful to the employee. These can include childcare vouchers, medical insurance and additional pension contributions.

The findings also show that one-fifth of employers offer voluntary benefits packages, which include things such as retail discounts or gym memberships.

Approximately 70% of companies who use this type of scheme hire an external provider to manage it for them. The fact that just 12.3% of those surveyed offer a fully flexible benefits scheme reflects the fact that they are difficult for employers to implement.

The article listed the top five benefits that are available in flexible schemes, which we have summarised below:

Childcare vouchers were the most widely offered benefit, featuring in 87.2% of schemes.

Pension contributions were discussed in 66.7% of organisations, with employees being given the choice to vary the amount taken.

Private medical insurance is an option in 66.7% of flexible schemes, closely followed by dental insurance with 64.1%.

Cycle-to-work schemes offer employees a tax-free allowance to buy or loan a bike by sacrificing some of their salary. This was offered by 64.1% of organisations.

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