Flexible benefit schemes enable employers to allow staff to select the benefits that suit them. With greater workplace diversity, this choice of perks is highly popular among employees.
Flex is seen as a popular way to integrate benefits packages during mergers and acquisitions and at other times of company change.
Flexible benefit schemes can include a wide range of options for staff to select from, including tax-efficient benefits such as childcare vouchers and mobile phones or salary sacrifice pension contributions. Flex schemes initially came to the market in seemingly expensive bespoke packages before the development of the off-the-shelf format. However, the growth of technology means more providers in the market have reduced costs and bespoke flexible benefits plans have become increasingly popular as a means of offering more tailored employee choice.
You generally need 100+ employees to run a flex based scheme.