Flexible Benefits
The employment market can be
extremely competitive and it is
important for a business to offer
something with a little more edge.
This can be achieved by providing a scheme with a lot of choice, which allows a member to build their package around what suits them as an individual. Many employers have a diverse range of employees and a Flexible Benefits Package can help create something that provides that choice.
The design of a Flexible Benefits Package is essential in creating the look and feel of the offering, with accessibility being the most important aspect. An employee will need access to a simple portal to view and manage their benefits package on a daily basis.
Having the right platform to manage a scheme is key. We feel that simplicity and choice are important drivers when implementing a Flexible Package. We have found that a greater level of interaction from employees leads to an overall increased level of success for employee benefits packages.
This can be achieved by providing a scheme with a lot of choice, which allows a member to build their package around what suits them as an individual. Many employers have a diverse range of employees and a Flexible Benefits Package can help create something that provides that choice.
The design of a Flexible Benefits Package is essential in creating the look and feel of the offering, with accessibility being the most important aspect. An employee will need access to a simple portal to view and manage their benefits package on a daily basis.
Having the right platform to manage a scheme is key. We feel that simplicity and choice are important drivers when implementing a Flexible Package. We have found that a greater level of interaction from employees leads to an overall increased level of success for employee benefits packages.
At Sovereign we help build bespoke packages
that are designed to offer maximum flexibility
and choice, whilst having the comfort of
our advice process working in harmony. We
are able to advise you on the most efficient
methods of communicating this to your
employees, thus creating a greater level of
staff participation.
Our experience indicates that for a flex plan to be successful, employees must appreciate and understand the plan, and this requires effective employee communication.
As with any flex plan, there will generally be an important annual 'call to action' - this is when all employees must make their annual decisions regarding the flex benefits they want. Having a clear call to action (where an individual knows what's going to happen and when, and what the consequences are if they do not do anything) should create the necessary drive to ensure that the plan achieves the desired results. We would work with you to launch a specific 'time to decide' campaign for the renewal.
Our experience indicates that for a flex plan to be successful, employees must appreciate and understand the plan, and this requires effective employee communication.
As with any flex plan, there will generally be an important annual 'call to action' - this is when all employees must make their annual decisions regarding the flex benefits they want. Having a clear call to action (where an individual knows what's going to happen and when, and what the consequences are if they do not do anything) should create the necessary drive to ensure that the plan achieves the desired results. We would work with you to launch a specific 'time to decide' campaign for the renewal.
This campaign would be designed to:
In our experience Flexible benefit packages are more suited to the larger Employer.We would suggest conducting thorough research prior to any implementation.
- Communicate to all employees in a fresh and creative way to stimulate initial interest and ensure that they are starting to think about the flex options.
- Involve each employee's key influencer - their manager - by giving them the tools they need to run a briefing meeting on the changes, to allow people to ask questions and fully engage with the process.
- Communicate regularly to all employees to keep motivation up through a variety of media: email, payslips, intranet, posters and postcards.
- Ask people to make a decision.
- Stress the importance of getting it right, or stress the consequences if they don't.
In our experience Flexible benefit packages are more suited to the larger Employer.We would suggest conducting thorough research prior to any implementation.