With five generations in the workplace, employers often find it difficult to design an employee benefits package that works for everyone. Baby boomers are looking for retirement benefits while gen Z-ers are seeking help for their mental health. The list goes on.
As the workforce becomes more and more diverse, a one-size-fits-all approach to employee benefits simply doesn’t cut it. But fret not, there’s a solution that’s a win-win for all. And it lies in flexible benefits, which we cover in this Pacific Prime CXA article.
What are flexible benefits?
Gone are the days of offering the same benefits to an entire workforce. As the name suggests, flexible benefits (or flex benefits) make it possible for employers to present their employees with an array of benefit options that they can choose from. This approach allows employees to design a plan that suits their needs and desires, which may be very different from their colleagues. Flexible benefits examples include:
- Private health insurance
- Annual leave
- Gym membership
- Childcare vouchers
- Pension plans
- Health screening
- Dental insurance
- Meal vouchers
- Transport vouchers
Instead of asking “how can flexible benefits motivate employees?”, it makes more sense to ask how can they not? After all, you don’t have to convince an employee of the value of certain benefits when they’re the one choosing them. It’s no surprise that more employers and employees alike are after the pick and mix approach.
How are flexible benefits implemented?
By allowing employees to choose their benefits, flexible benefits personalise your employee benefits approach and enhance employee engagement. The types of flexible benefits are offered on a spectrum that gets more flexible and complex. With a mini flex programme, employees get the core benefits and a readymade e-wallet and flex credits, which they can spend on benefit options chosen by their employer.
On the other end of the spectrum, you have full flex programmes. Employees are given better e-wallets and can choose to buy up or sell down their core benefits as well. What’s more, flex benefits programmes let employees and employers share the cost of benefits. For example, an employee who wants to improve their benefits can contribute to the cost to make it happen. Not only does this help employers reduce their expenses, but it also ensures that employees get the benefits they’re after and encourages them to take charge of their health.
Why flexible benefits programs are great for employers
Thanks to their customisable nature, flex benefits make it easy for employees to create a plan that matches their lifestyle. But of course, this type of program also has to make sense from an employer’s perspective. Fortunately, there are many advantages of using a flex benefits program.
Flexible benefits that are offered on a flexible platform eliminate any guesswork. It’s straightforward and convenient for employers to provide benefits that the entire workforce can appreciate. Additionally, the platform helps employers understand the cost, and manage them more effectively as a result.
Since flex platforms are automated, they save time, resources and money down the line. Not to mention HR will have one less thing to worry about. Another noteworthy direct advantage of a flex benefits structure is that employers can retain their benefits structure and simply vary flex credits to align their benefits across business entities.
What about your employees?
As an employer, you want your employees to be happy and fulfilled at work. Employees who feel good and valued are more likely to stay in the company, and even get their talented friends on board. By addressing their needs and wants, flex benefits naturally boost employee morale. Employees who are encouraged to take charge of their health become healthier too, thereby improving their work performance.
Being able to adjust their benefits selection in real-time also improves the employee experience and drives employee engagement. The tech-savvy generation in particular will be delighted by this approach.
It’s time to start offering flexible benefits
With all that said, flexible benefits are benefits that you can measure. As employee motivation and productivity goes up, so do results and return on investment. Employers who offer flexible benefits stand out amongst competitors, making it easier to attract and retain top talent and minimise turnover costs. There’s no better time than now to reevaluate your recruitment strategy and enhance your employee benefits offerings.
Reach out to Pacific Prime CXA
Looking for flexible benefits plans for employers? You’re in the right place. Our industry-leading flexible benefits platform is one of the reasons why we’re the third largest employee benefits broker in Singapore and Hong Kong. But this is not just about us, it’s about you and how our flexible benefits portal can help you attract, retain, and motivate your employees by putting their health in their hands.
Why not try it out for yourself? Contact our team of corporate specialists to book a free demo today!