In an increasingly competitive environment for talent, providing an attractive employee benefits package can help attract and retain great employees.

However, employee benefits are not a one-size-fits-all offering, and keeping on top of the admin around providing bespoke benefits to every employee can be a real headache without the right technology to help. 

What Is A Flexible Benefits Platform?

A flexible benefits platform helps individuals choose the benefits they would like to receive from their employer, whether health-related, financial, or leisurely.

How Do They Work?

Like a private online portal, a benefits platform allows an organization to select benefits and suppliers they would like to offer their employees, helps promote their benefits to these workers, often on a personalized basis, and allows the employees to choose whatever perks they want to use.

It simplifies choosing features like recreation or health, turning the workplace into a tasty buffet of professional benefits that makes everyone happy.

The platform will also enable HR and benefits teams to manage the admin surrounding their employees’ benefits selections and provide reporting and analytical tools. 

Types of Flexible Benefits

A flexible benefits platform will typically allow the HR and benefits team to select which benefits they would like to provide their employees, along with any associated rules, such as certain benefits only applying to employees in a particular location, role, or length of service.

Because the platform allows the HR team to populate it with their selection of benefits, the types of benefits available are virtually unlimited.

Widespread benefits include pensions, health and dental insurance, life insurance, additional holidays, discounts at retailers, and allowances for leisure, health, and well-being activities.

It enables workers to tailor their choices to their needs.

Why Offer Flexible Benefits?

Allowing employees to select the benefits that matter most to them easily can help increase employee engagement and satisfaction and attract the best people to the company.

It’s a big win that comes from working well together!

Also, it helps companies find the best perks, making a place where everyone feels important and motivated to do their best.

The Role of Technology

In terms of technological facilitation, businesses improve communication, making it easier for employees to understand and take up the available benefits. For many companies, employees often don’t have regular access to a desktop PC.

Therefore, access via a personal smartphone helps engage with these workers and office-based employees.

Costs for the Company

Integrating a versatile benefits framework involves initial outlays for the company. While augmenting employee contentment through valuable incentives is paramount, the prudent consideration of this fiscal investment is imperative.

The enduring advantages of this framework, such as heightened employee retention and morale, often surpass the preliminary costs, proving to be economically sound over time.

Costs 

Depending on how various benefits are treated for tax purposes in a particular country, an employee’s benefits selections may have some associated costs. However, there may also be some tax savings that benefit the employee by purchasing a benefit through their employer’s benefits program.

Similarly, for the company, while there will be some upfront costs associated with providing an employee benefits system, by increasing the uptake of specific benefits, an employer may be able to save money by reducing their tax liabilities.

For example, in the UK, benefits purchased via salary sacrifice would mean that the employer can reduce its Employer National Insurance contributions. 

Privacy and Security

It is crucial to guarantee privacy and security in the broad domain of an adaptable benefits platform. Strict precautions are taken to protect employee privacy, including encrypted data transmission and access control procedures.

These safeguards provide confidence and strengthen the platform’s reputation as a trustworthy location where workers can manage their benefits without worrying about illegal access or data integrity breaches.

The top responsibility is to preserve privacy and protect personal data in the broad context of an adaptable benefits platform.

The Future of Flexible Benefits

As the Netflix generation of employees becomes ever more demanding with the level of personalization they expect in every aspect of their lives, their workplace benefits will be no different. 

Benefits platforms will be expected to provide and promote benefits tailored to each individual and their needs in an employee-centric shift. 

Conclusion

The journey through the flexible benefits topic underscores its central role in contemporary workspace. This user-friendly instrument gives individuals the agency to curate their job-related perks, nurturing a favorable and bespoke relationship with their employer.

Flexible benefits platforms are fast becoming a strategic asset for companies to attract, retain, and engage their workforce.