Voluntary & Flexible Benefits
The employment market is extremely competitive so it’s vital for employers to stand out.
Most workplaces have a diverse mix of employees, so it’s important to have a flexible benefits package that provides appropriate choices to a wide audience. This is achieved by building a scheme with a comprehensive range of options, allowing employees to build up a package that suits their individual needs.
Design is essential when promoting your benefits, with accessibility being the most important aspect. The success of a scheme is vastly enhanced when employees have access to a simple, online platform, to view and manage their benefits at any time.
At Ernest Grant, we know that interaction is key to the success of employee benefits packages. We build bespoke solutions that offer maximum flexibility and choice, combined with an expert advice process. We’ll advise you on the most efficient methods to communicate benefits with employees, leading to increased engagement, motivation and loyalty.
From the broad range of benefits available, we’ll help you select those most appropriate for your organisation. This includes consultation on how best to implement them and, where required, assistance sourcing providers.
Flexible Benefit Schemes
- A flexible benefits scheme provides a ‘Benefit Allowance’ or ‘Flex Pot’, usually a fixed percentage of salary, in excess of base pay, for an employee to spend or ‘flex up’ from a menu of benefits.
- Each employee can choose to ‘sell’ company-funded benefits or ‘buy’ extras with their salary. Schemes can include benefits ranging from holiday trading to group life assurance – to suit the needs of the employee.
Voluntary Schemes
- A voluntary scheme is often attached to existing core benefits, such as group life assurance or private medical insurance
- It allows the employee to ‘flex up’ their individual cover or include family members via payroll at their own cost
- Often priced at group level, these benefit increases are excellent value for money against the open market available to an individual and can even be underwriting free
‘The Financial Conduct Authority does not regulate Employee Benefit Services.’
Employer Sponsored Benefits
Often referred to as ‘core’ benefits, if you the employer pay for it then it’s our aim to ensure you get a return on your investment through increased staff awareness and appreciation.
Health & Wellbeing Strategies
Employers have a duty of care to look after their employees' health and wellbeing. This can be enhanced with staff rewards and benefits.
Salary Sacrifice Solutions
Salary Sacrifice/Exchange works by exchanging part of an employee’s remuneration from cash; on which PAYE tax and NICs are due, to non-cash benefits that are wholly or partially exempt from tax and NICs.