Anytime, Flex, TRS?
When it comes to selecting your benefits, and how you want to administer them, you’ll want a scheme that works well for you and your people.
Why flexible benefits?
Flexible benefits offer employees the choice and flexibility to exchange their salary for the things that are important to them. Core benefits can also be offered on top of an employee’s salary.
One great thing about flexible benefits is the possible tax and NI savings to be made using salary sacrifice. A salary sacrifice exchange happens when an employee gives up the right to part of their salary due under their contract of employment. Usually, the exchange is made in return for the employer’s agreement to provide the employee with some form of non-cash benefit. In most cases, discounted purchase prices can also be achieved as well as the ability to spread any payment terms over a 12-month period.
Flexible benefits give you the ability to recognise the diversity among your employees and provide a benefits package that is both relevant to, and engaging for, each employee.
Plusnet have a fantastic, diverse workforce; find out how we brokered some incredible benefits for them and their people.
Why voluntary benefits?
Voluntary benefits are products and services that are available through an employer at a discounted or preferential rate, paid for by the employee.
These schemes are incredibly popular among employers, mainly due to the relative low-cost of implementing such an arrangement, and its quick roll-out time. As a result, voluntary benefit schemes provide good value for money, are usually available to all members of staff and can incorporate literally thousands of discounts in one place. The best schemes are not necessarily ‘off the shelf’, containing every offer a provider has secured; schemes that are valued highly by employees are those that also include local discounts and hand-picked deals, as this gives your people a truly personalised, exceptional employee experience.
Why anytime benefits?
Anytime Benefits gives employees the flexibility to make choices throughout the year, instead of having to wait for a fixed enrolment window or life event to open up.
As a key part of any flexible benefits package, Anytime Benefits will help you meet the demands of a diverse workforce with an on-demand lifestyle. By giving them what they need, when they need it, your employees will feel more in-control of their reward and benefits.
See how this works in practise! Our OneHub platform hosts anytime benefits to Centrica’s 30,000+ workforce.
Total Reward Statements
Typically, total reward statements comprise four main components: pay, benefits, learning and development, and the work environment.
With a single view of their individual total reward, employees know instantly and in real-time how much the organisation truly values them. Total Reward Statements, or TRS, can be offered on- or offline to cater to your people and their preferred way of communicating. A well-designed, well-executed total rewards strategy can enhance the reputation of a company as a great place to work and therefore be a real differentiator when it comes to attracting and retaining top talent.
Find out how we designed a tailored, effective benefits scheme incorporating TRS for Holiday Extras.
Sophie is a self-confessed coffee addict, with an undying love for puns and terrible jokes.
Before working at Benefex, Sophie worked in a student accommodation where she was responsible for all communications with the residents, and planning and running events in the building. She has a degree in English Literature from Edinburgh University, and heads up to the Scottish capital whenever she can. She's originally from Staines though, innit.
When she's not writing blogs, Soph can be found supporting her beloved Arsenal, watching The Simpsons, and adding to her collection of film and TV-based t-shirts.