5 advantages of flexible benefits you need to know about

Nowadays, the benefits package offered by a company is almost as important as the salary itself for the employee, but because of the diversity of individual profiles and needs, putting together something that encompasses them all can be a challenge. This is exactly where the great advantages of flexible benefits come in. 

What are flexible benefits?

A flexible benefits system is exactly what its name says: flexible and therefore allows for a wide range of customisation, both by the company and by the employee himself.

In this model, it is even possible to configure personalisation levels. In the most customisable, the employee receives a certain amount of money in his account and can spend it as he wishes, regardless of the chosen establishment. 

However, there is also the possibility of part of this customisation being left to HR, which defines, within the classes of each benefit (food, mobility, health, etc.), how much can be spent. 

In today's article from Alymente, you'll learn about the top five advantages of flexible benefits and how they can impact your business. 

Learn about the advantages of flexible benefits

If in the traditional benefits model, companies establish exactly what employees can spend on, in the flexible model it's exactly the opposite, and this possibility of using them in the most appropriate way for each profile is the big highlight. As a consequence of this, we highlight the biggest advantages for those who opt for them:

1. increases the level of employee satisfaction;
2. reduces turnover;
3. the management of benefits becomes simpler;
4. helps in attracting new talent;
5. enables better experiences.

1. Increases the level of employee satisfaction

The increase in the level of employee satisfaction is one of the great advantages of flexible benefits. Because of the customisation that the model offers, those who work in the company can choose to spend the amounts on what best fits their needs. 

Consequently, they will feel more satisfied, happier and represented in the workspace, as they can spend on what makes most sense to them. Increased satisfaction usually goes hand in hand with increased productivity.

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2. Decreases turnover

Turnover is the term used in the English language to define the rate of employee turnover within a company. If those you hire do not stay long in the company, it is a warning sign. 

One of the strategies to reduce this turnover rate is exactly the implementation of flexible benefits, which make more sense to the employee and are seen with good eyes by those who are joining the organization, as a consequence of the previous item. 

3. Benefits management becomes simpler

In the traditional benefits model, company HR needs to manage and monitor processes with a number of different companies to be able to offer a wide range of options to teams. 

One of the advantages of flexible benefits is precisely the convenience for the team that is responsible for this management, leading to time savings that can be dedicated to process improvements and other strategies.

4. Help in attracting new talent

In the same way that it increases employee satisfaction and reduces turnover, the implementation of a good flexible benefits system can also be an excellent ally during selection processes, attracting excellent talent to the company. 

Personalisation draws much more attention and is well regarded by employees, who may end up giving your company an extra point when deciding whether or not to accept a proposal.

5. Enables better experiences

A personalised experience will always be better than something generic and standard. For the employee, having benefits that are adapted to their individual needs is much more interesting, as they themselves will be free to choose where to invest the value offered. 

Alymente offers exactly that so you can have access to all these advantages with your employees. To learn more about, read our article on how to set up a good benefits plan for the home office model.