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Flexible Benefits
With businesses fighting to secure and to hold onto their most valuable asset; their employees, companies are turning to flexible benefits to strengthen their internal brand.
MidlandHR has harnessed through partnering with Vebnet, the most widely used flexible benefits technology in the UK with some of the most respected employers using it to become a key tool in their HR strategy.
Flexible Benefits
MidlandHR's Flex application enables employers to transform their current benefits package to one where employees will be able to make informed choices about their reward package, whilst being in-line with your corporate objectives.
Your scheme can be designed in various ways where employees can see the current benefit spend 'ring fenced' as a Flex account which, within pre-determined rules they are free to spend on the benefits made available. As an alternative, staff can use some of their own salary to purchase additional benefits at preferential rates that we can provide access to.
Which benefits can we include in a Flexible Benefits scheme?
Flexible Benefits can include up to 40 different types of benefits:
- Pension
- Healthcare
- Holiday
- Child Care
- Computers
- Retail Vouchers
- Optical Insurance
- Critical Illness
- Concierge Services
- Income Protection
- Life Insurance
- Mobile Phones
How will flexible benefits help my organisation?
Businesses implement flexible benefits for a variety of reasons, which include:
Harmonisation of terms and conditions - for employers that have employees on a number of different employment eligibilities, Flex can be used as a way of reducing the complexity.
Streamline benefits administration - Traditional benefits schemes involve HR in ongoing administration and liaising with providers. With the right Flex technology working with your internal HR and Payroll systems; you dramatically reduce HR’s time spent on benefits administration. Also low-level enquiries from staff about their benefits are handled by the Flex module as a self-service culture develops for your benefits package.
Enhance understanding of total reward - With employees actively making decisions on how they use their benefits allowance, you will create an overall awareness of total compensation and with our integrated total reward statement, your staff will understand the total investment that you as a company are providing.
Assist in employee retention - With flexible benefit schemes now being used by a quarter of UK employer’s, there is now evidence to show that offering staff the ability to select their reward package assists in employee retention.
Realise significant cost savings - By being able to include benefits such as child care vouchers, computers, pensions and bicycles in Flex under the salary sacrifice rules both employers and employees are able to save on National Insurance (NI) and Income Tax. The employers NI savings are often significant enough to fund the entire Flex project.
How does the implementation work?
MidlandHR takes full responsibility for ensuring that your scheme goes live on time and to the scheme design agreed. We have a team of experienced benefits consultants who can interpret your objectives and manage any legacy arrangements that exist within your current benefits package. MidlandHR approach each implementation as a partnership in terms of design, roll out and ongoing support. |
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