Advantages of Flexible Benefits For Your Business
The more a business can cater to the needs of their staff, generally the happier and more effective that staff will be. When people feel that their organization cares about their well-being, the more invested they will be in said organization.
The more flexible the benefits a company is able to offer their employees, the better. Here are some of the advantages of an organization offering flexible benefits to their staff:
“Time to implement
Implementing a flex plan takes time so don’t rush it. Plan on 12 to 18 months lead time between the start of your project and the new flex program effective date. Simpler flex plans in smaller organizations may be implemented with slightly shorter lead times. And more complex plans at larger organizations may require even longer lead times.
Keeping track of employees’ choices adds administrative complexity to a benefits program. Depending on the degree of choice, plan sponsors may need to use some sort of electronic enrollment tool. Whether you decide to use a tool available through your insurer, consultant, third-party administrator, purchase and HR information system add-on or build something in-house, it’s going to come with a cost, which typically includes both set-up and ongoing maintenance fees. The larger the organization, the more economical these fees become on a per capita cost basis as fixed costs can be spread out over a larger group. You’re also going to need more resources to administer a flex program, so you may either need more staff, more reliance on your consultants or both.
Increased complexity requires increased employee communications. The last thing you want to do is spend a lot of money, time and resources to develop a new flex program and not follow through with a robust supporting communications campaign. Studies have shown that employee satisfaction with their benefits is directly correlated with their understanding of the program.” (Kenneth MacDonald, profitguide.com)
Here at Palladium Insurance we provide effective options to facilitate the best coverage and protection. Read more about our flexible benefits options. Let us earn your trust.