Flexible Benefits Platforms: 1000 Offerings in One
The pandemic drastically changed – along with everything else – the way employees see benefits packages. While in 2019, people were perfectly happy with a traditional benefits package and a decent salary, by 2022 attitudes have shifted.
People want more out of their benefits than the same cycle to work schemes and subsidised gym memberships offered to everyone in the company. In a survey by Cezanne HR, the benefits employees value most as of 2021 are those associated with enhanced leave. This is a shift from 2018, where the priority was on health and wellbeing.
These survey results, of course, change depending on what demographic was asked. Priorities shift between age groups, sex, and plenty of other factors. So, businesses have a challenge ahead of them if they want to provide all their employees with the same level of value.
What Are Flexible Benefits Platforms?
Fortunately, whenever there’s a challenge like this, you can expect tech to swoop in and solve it. In recent years, we’ve seen the emergence and popularisation of flexible benefits platforms. These platforms, often offered through smartphone apps, typically provide employees with an in-app balance to be spent on whatever matters to them. This could include health insurance, financial support, streaming subscriptions or even supermarket vouchers. Essentially, it’s like having your employer give you a big gift card every month to spend wherever you like.
Benefits of Flexible Benefits
By using platforms such as these, employers broaden their benefits offerings whilst simultaneously allowing each employee to tailor the platform to their own preferences. This way, employers will be able to see more engagement with their benefits program.
They’ll also be able to appear more attractive to jobseekers, an advantage that is sorely needed as the battle for talent rages on.