Tailored benefits

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It is becoming increasingly common in the workplace to see up to five generations of people working together side by side. All the generations have different needs and wants from a company benefits scheme depending on their age, interests, hobbies, and commitments outside of work. Yet companies continue to reward all members of staff with a one size fits all benefits package.

Certain members of staff will be more interested in gym membership, discount vouchers or the option to lease a car. Some may prefer the option to simply be able to buy and sell their annual leave allowance. 

The perspective is different if you are single or have a family, starting your career or nearing retirement yet employers hope that everyone can find a way to make the benefits package work for all parties. 

Several HR professionals were concerned that this change would increase their workload. 

The opposite is true. The companies that Triple Edge Solutions recommend take the entire workload away from the employer and handle all the administration and agreements on behalf of the employees.

You simply allocate an amount of money to each employee for their benefits and allow them to spend it how they see fit. 

The sophisticated flexible benefits systems allow the employee to use the budget by simply ticking boxes on the benefits portal. Thus, leaving the HR professionals within the business to focus on the more strategic aspects of their role. 

Additionally, the agreements that the employee chooses for their benefits stay with them so should they leave your organisation it is not the company’s responsibility to cancel memberships or send leased cars back. 

Recent research shows that a tailored benefits plan not only increases the value of the rewards package you offer but also boosts employee engagement as they gain personalisation and ownership of their benefit package.In a survey carried out by Employee Benefits Magazine and sponsored by Towers Watson, the following was found:

• 54% of survey respondents report that flexible benefits improve the image of the organisation.
• 56% suggested that the benefits plan improved their recruitment and retention of talent.
• 58% of respondents said the plan had been effective in improving employee engagement, rising from 53% in last year’s survey and 41% the year before.
• With economic indicators becoming more positive and the potential to see staff turnover increase, improving employee engagement is a key strategy for most HR departments and CxO level executives. An increase of 17% more employee engagement in 2 years is an incredible statistic. 

Summary of benefits:

• Improvement in employee engagement
• Employee has complete ownership of their benefits package
• You become a more appealing employer to join
• You become a more appealing employer to stay at.
• Zero impact on your HR department.
• Allows your HR department to focus on more strategic issues
• Online portal with your company branding
• Substantial cost savings in Tax and National Insurance payments