Flexibility is essential for employers looking to attract and retain top talent in an ever-changing labor market. Given the diversity of the workforce, flexible benefits are a crucial aspect of the employee benefits package. The days of limited choices that catered to a select few are long gone. Flexible benefit programs allow employees to choose the options that best suit their needs and preferences.
Employees expect more than just a standard benefits package. They expect health insurance, dental insurance, and other retirement offerings. Providing an attractive, flexible benefits program can go a long way toward attracting and retaining top talent. A universal platform like PERKSET can be customized to meet the unique needs of your employees.
What are flexible benefits?
Flexible benefits are a type of plan that allows employees to customize their benefits package by choosing from a variety of options. Flexible offerings have changed over time and continue to evolve.
PERKSET’s Spending Account Benchmarking Report offers in-depth insight into how to build a successful flexible benefit program.
Defining a flexible benefits platform
A universal benefits platform like PERKSET manages flexible benefits. HR administrators often find managing point solutions to be a complex and overwhelming task. Administrators of flexible benefits platforms can ease this burden and reduce the workload of HR managers.
HR administrators work with platform administrators to understand the company’s goals and landscape. Subsequently, flexible program administrators can help design a plan that potentially saves costs and meets the needs of all employees worldwide. Benefits of flexible programs
Benefits of flexible programs:
Increased employee satisfaction
When employees can choose the benefits that matter most to them, they are more likely to be satisfied with their benefits package. This can lead to increased employee loyalty and lower turnover rates.
In a recent joint analysis, PERKSET partnered with a third-party administrator to measure the value of flexible benefits. The report, “ROI of Flexible Benefits,” provides a comprehensive analysis of how employees value flexible benefits.
Respondents were asked to rate the value of their current benefits package on a scale from 0 to 100, with 0 being not at all valuable and 100 being extremely valuable. The average score was 70. When lifestyle accounts were added to the benefits package, the average score increased by 5 points.
Cost control.
A flexible benefits platform can offer employers a variety of cost control options. Not only can employers provide employees with flexible, customized packages that fit their preferences and circumstances, but they can also manage the costs associated with all of these packages through a single administrative system. This allows employers to keep their costs under control while offering a competitive benefits package.
The adaptive nature of this type of platform also allows employers to customize their contributions for each benefit, enabling them to adjust their costs as needed. Employers can allocate more funds to certain benefits to better meet the needs of employees and offer attractive benefits. This gives them more control over their budget decisions and helps them stay within budget each year.
Customization.
A flexible benefits platform allows employees to choose from a variety of benefits, including medical, dental, vision, life insurance, disability, wellness, commuting, and more. Employees can also choose the level of coverage that best suits their needs, such as high or low deductibles.
As the workforce becomes more diverse, it’s important to let employees decide what they want based on their unique circumstances. For example.
for example, if an employee’s spouse has access to better health insurance through their job or if they have young children who regularly attend daycare, these factors should be taken into account when designing a flexible benefits package offered by the employer. Such individualization ensures that all employees have access to the most suitable and beneficial plan for them personally.
Lifestyle spending accounts are ideal for this because their flexibility is truly limitless. The design of the program depends on HR managers, as well as the creativity and planning of the flexible platform administrator. PERKSET has created thousands of such accounts and is ready to work with your company to implement this flexible rewards program.
Increase engagement
When employees have the ability to choose their benefits, they are more engaged in the process and more likely to understand and appreciate the value of their benefits package. This can lead to increased job satisfaction and productivity.
Employees are often more likely to participate in flexible benefits programs, which can lead to greater engagement. A recent survey conducted by PERKSET Research found that flexible benefits ranked second in a list of 17 benefits offered.
Flexible benefits platforms provide employers with a powerful tool to increase employee engagement and satisfaction. By offering customized packages tailored to individual needs and preferences, flexible benefits programs empower employees to choose the options that work best for them and give employers more control over cost management and budget decisions. Combined with an overall increase in employee engagement, flexible programs help create an enviable workplace culture that attracts top talent and contributes to the success of the organization.
Competitive advantage
A flexible benefits package can be a critical factor in attracting and retaining top talent. In a competitive labor market, an attractive benefits package can make the difference between a candidate accepting or rejecting a job offer. When employers can offer flexible benefits packages that cater to their employees’ needs, it can be a significant competitive advantage.
As organizations continue to prioritize attracting and retaining top talent, flexible benefits programs will become increasingly important to differentiate companies from the competition. By offering attractive, flexible benefits packages, companies can create a workplace culture that is the envy of the workforce and develop the strong employee relationships necessary for long-term success. Ultimately, flexible benefits programs give employers an edge in today’s highly competitive marketplace.
Choosing a flexible benefits platform
When choosing a flexible program, employers should consider the following factors: cost, support, and user satisfaction.
Cost: It’s critical to find a flexible benefits platform that fits your budget. Be sure to compare different platforms in terms of price and features. You can also evaluate whether the platform offers discounts or other incentives for larger groups or longer contracts.
Support: The flexible benefits platform should provide customer service and technical support throughout the implementation of the system and beyond. This includes answering questions about how to use and manage the system, as well as promptly resolving issues that arise.
User satisfaction: Look for agile platforms with high ratings from current users, including those who have implemented the system and those who use it to administer employee benefits. In addition, analyze customer reviews to get a sense of the functionality and ease of use of the flexible platform.
By considering cost, support, and user satisfaction when choosing a flexible benefits platform, employers can find the right solution for their needs. By implementing a flexible benefits program, organizations can offer customized packages that meet the individual needs and preferences of their employees, while maintaining effective budget control and contributing to the success of the organization.
To get started with a flexible benefits program or to learn more, sign up for a free DEMO at https://www.perkset.club/en
