Choosing which benefits to offer your employees can be a very tough decision to make. The great thing about employee benefits is that they are beneficial to both employees and employers, and the merits of implementing employee benefits within your organization are significant. Not only do they go a long way towards achieving your Human Resource goals, but they also play a huge part in delivering your wider business strategy. Flexible benefit plans allow employees to choose the benefits they want or need from a package of programs offered by an employer. Flexible benefit plans may include tax-efficient benefits such as childcare vouchers or salary sacrifice pension, contributions, holiday trading, healthcare, voluntary benefits, health insurance, retirement benefits such as reimbursement accounts that employees can use to pay for out-of-pocket health or dependent care expenses.

Fair Care is a Flexible Employee Benefit Plan provider which has been providing employee benefits in the UK for over ten years. Fair Care has its own flexible employee benefit system referred to as Benefit Select which is made to suit your employee’s benefits perfectly. And the platform is fast to install, easy to use and comes with customer support. It is designed to make the life of employees easier and gives them room to choose from various benefits which meets their unique personal needs. Flexible Employee Benefits includes the transportation benefit plan, which allow employees to deposit funds to pay for commuting expenses, parking expenses or both. Eligible commuting expenses include passes, tokens and vouchers purchased for travel on buses, trains, ferries and other categories of mass transit. Eligible parking expenses include parking at or near the workplace and transit station park-and-ride lots, and so on.

Another benefit also includes the cafeteria plan which enables employees to choose between receiving some or all of an employer’s nontaxable benefits, and receiving cash or other taxable benefits such as stocks. Funding for cafeteria plans may come from the employer, employee or both. However, it is more often in cases where the employee receives a spending credit, with which he or she may choose to get benefits from a list of options such as health insurance, life insurance, etc.

A flexible spending account is also a type of Flexible Employee Benefit which is a tax-deferred savings account maintained by an employer to help employees meet certain medical and dependent-care expenses that are not covered under the employer’s insurance plan. There are basically 3 types of types of flexible spending accounts which are premium-only, medical and dependent care.

Other Flexible Benefit Plans offered to employees includes; Childcare, Pensions & Insurance, Health Cash Plans, Holiday Trading, Total Reward Statements, Cycle to Work, and Smart Parking, and so on.

Flexible benefit plans have become increasingly popular with employers because it also makes it easier for employers to know which benefit his/her employees prioritize and at the same time offers the employees wider range of benefit options to choose from based on their primary needs. Flexible Benefit Plans also help businesses to retain a competitive benefits package for their employees, and Fair Care can help make that possible.

About The Author

Lyle Hollar