By Chris Wilson
A flexible benefits scheme allows employees to shape their benefits package; to choose the benefits most relevant to their current situation and lifestyle, and changing them as those needs shift.
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- Establish your business case for a flexible benefits scheme
- Budget for costs
- Design the flexible benefits scheme
- Initial considerations
- How flexible will the scheme be?
- Which benefits will be offered?
- When will benefit elections be held?
- How will the benefits be funded?
- How will the benefits be priced and what are the cost implications?
- Implement the flexible benefits scheme
- Compile a project team
- Select and test software
- Make any necessary contractual changes
- Review and update employee handbooks/guidance
- Ensure data security
- Administering a flexible benefits scheme
- HMRC approval and lifestyle changes
- P11D
- Underwriting
- Managing starters and leavers
- Employees off sick at benefit election times
- Communicate the flexible benefits scheme
- Maintain interest in the flexible benefits programme
- Review the flexible benefits programme
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About the author
Chris Wilson
Chris Wilson was a partner with Reward Consulting Partners, a group of independent reward consultants. Chris has been in HR for more than 30 years and for the last 20 years has been specialising in all aspects of reward, in a variety of sectors. He is a chartered member of CIPD.