A benefits platform that is flexible has the potential to have real and significant changes to your company and employee experience.
Its benefits extend far beyond providing employees with the option of choosing. Flexible benefits platforms are an investment, not cost, and will make a real impact and ease those HR-related headaches.
If you’re struggling with low engagement from your employees in benefits and are struggling to convince your employees about the advantages of the employee benefits program or the system you’ve set up does not meet the diverse range of employees in your company having a flexible benefits system might be the answer.
What is an employee benefits platform?
Flexible benefits platforms bring all benefits for employees in one place, while providing employees with the option of tailoring their benefits according to their preferences. Employees can take advantage of technology that allows them to customize their benefits package to their preferences and get the most value from the benefits offered by employees which matter to them most.
Sometimes, employees receive a the flexibility to spend their benefits allowance for benefits they choose. If they are applying or using the scheme, employees are given the option of distributing their benefits allowances to cover a portion or all the costs.
Benefits of Flexible Benefits Platform
In actuality there are a lot of benefits to using flexible benefit platforms.
The advantages your business could get from a flexible benefit platform could differ from one another, however, it’s not difficult to see the value to flexible benefits, as well as the general impact that technology for flexible benefits can bring for your company and your employees.
Employees are able to tailor their benefits
Flexible benefits platforms allow employees to enjoy the benefits that meet their needs and their families most.
Employees have a more personalized experience when you have your employee benefits program and the flexibility and choice that they have is only going to enhance their experience.
It’s about advantages or rewards. The more specific you can make it, the greater likely it will make!
Staff feel valued and appreciated
The flexibility of the benefits platform will show employees that the business appreciates the employee’s access to a benefits plan that is suitable for them on the level.
While certain employee benefits include a variety of benefits that the business may think that they are appropriate for the vast majority of the population making the effort of making the investment in an adaptable benefits system to further benefit employees shows a dedication to employees and the overall experience for employees.
If it’s a new graduate seeking discounts, or a parent who is looking to improve their family health insurance Employees will feel more appreciated knowing that they’ve put time and money into an arrangement for benefits which they will truly enjoy.
Better retention of employees
A better-designed employee benefits program is beneficial to employees in both the personal as well as financial scale.
It’s not just about making employees feel appreciated and appreciated, but it also makes staff more likely to save and also benefit financially due to a greater participation in the scheme.
With a compensation or benefits program that’s worth more in general, employees are less likely be lured away by a salary increase.
Flexible benefits platforms help to provide a benefits plan which is more likely to not be offered any other way, while improving the relationship between employees and the business.
Better recruitment
Flexible benefits platforms are ideal for employees but also for any new hires.
Flexible benefits can really be the reason for someone opting for your company over another, if the entire pay, benefits, and compensation package is taken into consideration.
Certain benefits are extremely beneficial from a financial standpoint to certain employees. With many options your benefits package is open to be as effective as it could be for as many employees as feasible, making sure your benefits plan is always superior to that of other recruiters.
Flexible benefits packages can boost what you can get from your salary as well as your compensation and benefits package which will aid in the process of attracting new employees!
Better employee engagement
Flexible benefits platform that is simple to use, quick and efficient can also increase participation in your benefits.
The most significant factor that drives the use of benefits is the accessibility to benefits and benefits for employees. Making sure all benefits are together with a flexible benefits system that is designed with users in mind can boost engagement.
Tax and NI savings are bigger on salary sacrifice plans
With a rise in engagement and increased participation employees can not only save money but the business could too. In the case of salary sacrifice plans that allow the employer to earn Tax and NI savings, even more savings are possible through the increased participation.
With the increase in benefits engagement and savings growth, certain plans for salary sacrifice could be cost-neutral.
While benefits for employees and a platform for flexible benefits are, and ought to be considered as investments and a way to increase salary sacrifice participation can actually yield a significant ROI on your investment before other benefits are considered, like increased retention and recruiting.
A further benefit to your reward
A flexible benefits system adds an important dimension to the way you recognize employees.
With the flexibility of benefit platform technologies, workers are able to determine how they’ll be recognized.
The efficacy of this method is entirely on the way your flexible benefits platform configured. For example, if , for instance, you manage an Holiday Trading scheme and you’re using the flexibility of a benefits allowance that an employee can use the allowance for flexible benefits they’ve earned as a reward when they purchase an extra one day annual holiday.
Emphasises your internal reward brand
A custom, flexible and customised benefits platform that has a design and features that match the brand of your organization will aid in strengthening it in the minds of your employees.
Hosting all of your advantages on a platform that is branded will to make your brand easily identifiable and can help increase the efficiency in your communications internally.
Internal branding can be an important factor in a solid corporate culture. Many large companies around the globe invest heavily on their internal brand that benefits them both internally as well as externally due to it.
Easy access to your benefits
With the flexibility of a benefits platform, staff are able to access their benefits and platform virtually anywhere via various devices.
As we’ve mentioned before, accessibility is crucial in boosting engagement and uptake. One of the factors is, as stated your user’s experience. Another factor is the capability to connect to the platform from the first location, at any time.
The specially designed platform help the user through the process and provide them to gain access to the benefits it offers, but it will also be available for users to use an iPhone, a laptop, a tablet, in fact any device that can support it.
All reporting and information in one location
A custom-designed, all in one, flexible benefits platform is planned to make the work of HR professionals easier and efficient.
The fact that everything is in one location allows for more efficient administration and reporting It’s not just better for employees, but for the people who run the platform on a daily basis too.
Flexible benefits platforms are an investment with enormous potential. It not only modernizes the employee benefits system and administration, it also helps in tackling some of the toughest HR issues like retention, recruitment, and engagement. In terms of HR investment, you can’t duplicate it!
Bespoke communication
With a platform for flexible benefits one of the major issues employers confront is explaining the benefits of their program to workers.
With a dedicated platform that includes all schemes you’d like to add with the right service provider you’ll not just receive materials for communication about benefits that will advertise the platform but also marketing materials for the schemes as well to create excitement regarding new scheme launches as well as new benefit scheme window application windows to ensure maximum participation.
