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Employee Benefit Packages

Hi 

I've been tasked to review our exisiting employee benefit packages. Our employee survey results over the last 2 years indicate that they would loike to see a 'flexible' benefits package where they can pick and choose maybe form a package of benefits up to a certain limit.

Over the last 3 years we've recruited a lot of grraduates so to some of them the fact that we pay tinto their  pension or offer death in service benefits/PHI,  is not of interest to them. 

Has anybody carried out a similar exercise? 

 

Any advice or tips would be greatly appreciated! 

 

Many thanks 

 

tracey 

 

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Replies

  • Hi Tracey

    We recently introduced some new benefits for a manufactring business and it has been well received.

    We undertook this as part of a wider reward piece and undertook a benchmarking exercise to compare the client's pay and benefits with the local market. We then prepared costings based on benefit suggestions linked to overall package.

    We then ran employee sessions where we provided an overview of the pay data, but also progression principles for pay. In terms of benefits we ran some practical sessins where we provided an overview of the different benefits then gave employees a number of points which they could choose to allocate across the benefits.  Here we had to be careful to manage expectations as not all benefits could be provided, that said all the benefits offered were on the table in terms of the employer being willing to fund these, Happily there were some clear desirable benfits for the staff.

    It may be dependent on your type and size of organisation that you choose to undertake this online.

    There is also some useful CIPD data here you could use as a starter for 10.

    https://www.cipd.co.uk/knowledge/fundamentals/people/benefits/flexi...

    Kind regards

     

    Sarah

    Flexible & Voluntary Benefits | Factsheets | CIPD
    Flexible and voluntary benefits both provide employees with choice over their benefits package. Learn how to implement both schemes.
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