Flexible employee benefits can have a great impact on your staff and their overall morale, and can often be a driver towards keeping them happy.
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 issue 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 Fair Care. Fair Care can be found at https://www.faircare.co.uk and you will find a whole host of options available relating to flexible employee benefits at different levels.
If you have any questions or queries, the Fair Care team will be on hand to assist you, but I implore you to have a read through their website as it will present you will a whole host of information and key stats relating to flexible employee benefits and how they can enhance the happiness of your workforce. In an ever-changing world, flexible employee benefits are the way forward.
