Zhoosh Benefits is a Business Reporter client.
How a flexible benefit plan can boost employee satisfaction and retention
As a business owner or HR manager, you know that employee retention is critical to the success of your company. One of the most effective ways to retain talented employees is by offering a flexible benefits plan. Flexible benefits plans provide employees with the ability to choose their benefits based on their individual needs and circumstances. These plans can include a range of benefits such as private medical insurance, life insurance, health cash plans, dental, and even electric cars. In this article, we will discuss the benefits of a flexible benefits plan and how it can empower your workforce.
How to structure a flexible benefit plan
A flexible benefits plan is a customisable benefit program that allows employees to choose the benefits that are most important to them. The structure of that flexible benefit plan and what is offered to employees is entirely up to the organisation: some of the most common benefit options include private medical insurance, life insurance, health cash plans, dental, and bespoke employee-specific benefits.
When structuring your flexible benefit plan, it is important to consider the needs of your employees. For example, if you have a young workforce, you may want to consider offering benefits that cater to their lifestyle, such as retail and lifestyle discounts, and gym memberships. If you have an older workforce, you may want to consider offering benefits that cater to their health needs, such as private medical insurance and health cash plans.
It is also important to consider the cost of the benefits you are offering. You need to ensure that the benefits you offer are affordable for your business while still providing value to your employees. You may want to consider offering a tiered benefits system, where employees can choose from different levels of benefits based on their budget. There is no real “typical” budget from company to company as there are many considerations. These can vary from demographics to survey results, from appetite to the amount of core benefits that are already in place. Speaking to an advisor such as Zhoosh Benefits can help you tailor this to your company’s needs.
Flexible benefits are not only for large companies
Smaller businesses can also benefit from offering a flexible benefits plan. In fact, offering one can often help smaller businesses attract and retain talented employees as well as lending the opportunity for NI savings.
By providing a flexible benefits plan, you can show your employees that you care about their wellbeing and are willing to invest in their future. This can help build loyalty and trust between you and your employees, which can lead to increased productivity and profitability.
Helping your employees through a cost-of-living crisis
Flexible benefit plans can be particularly beneficial during a cost-of-living crisis. During a time of economic uncertainty, employees may be struggling to make ends meet. Offering a flexible benefits platform can provide employees with the financial support they need.
For example, private healthcare can help employees pay for unexpected medical expenses for the whole family, at a fraction of the cost of taking out a personal plan, while company-funded plans allow employees to purchase desirable benefits they may have otherwise ignored.
A platform such as that provided by Zhoosh offers other soft benefits, such as financial wellbeing tools, physical wellbeing discounts and mental wellbeing resources, that really go further in providing all-round help.
Maximising your budget
One of the most significant benefits of a flexible benefits plan is that it allows you to maximise your budget. By offering a range of benefits, you can provide employees with a comprehensive benefits package that they choose themselves, while also limiting the spend on a company basis to a set monthly allowance per employee.
In addition, offering a flexible benefit plan can help you save money in the long run. By providing employees with access to preventative care, such as regular dental check-ups, health screenings and employee assistance programmes, you can help reduce the likelihood of more serious health issues arising. This can help save money on recruitment/replacement costs, as well as the number of sick days taken by your employees. It also boosts morale and the general wellbeing across the whole organisation.
Conclusion
Offering a flexible benefits plan can be a powerful tool for empowering your workforce. By enabling employees to choose their benefits based on their individual needs and circumstances, you can show them that you care about their wellbeing and are committed to investing in their future. This can lead to increased employee satisfaction and retention, which can have a significant impact on the success of your business.
If you are interested in offering a flexible benefits plan, we recommend speaking to a benefits provider such as Zhoosh who can help you design a plan that meets the needs of your employees and your business. With the right plan in place, you can help to create a more engaged, productive and loyal workforce.
