The new concept of flexible benefits is an exciting prospect for leaders of organisations. That’s because getting the employee value proposition (EVP) right fundamentally affects business performance.
The term ‘flexible benefits’ is seen as an outmoded title for employee benefit delivery today primarily because, in the past, most of the flexibility was rigidly geared to suit the employer rather than the employee.
Flexible benefits meeting needs of organisations and employees
New research by independent professional services consultancy, Barnett Waddingham (BW), states flexible benefits are evolving, as part of the employee value proposition (EVP), to meet the changing needs of modern organisations and their employees. They are no longer viewed as simply a delivery mechanism to give people their computer loans or cycle to work benefits. Employers who take a more strategic view of flexible benefits are increasingly seeing them as a core part of the EVP.
The EVP acts as a manifesto for an organisation’s relationships with its workers, replacing older models of employee management to refocus on the needs of the employee.
In short, what used to be a purely HR concern has now been elevated to a C-suite issue because getting the EVP right is a core contributor to business success. Today, true flexible benefits are a management tool which helps to build sustainable and resilient businesses.
What’s in it for the business?
Establishing a sustainable and resilient business requires a focus on everything from supply chains to the disruption from environmental and macroeconomic change. Critically, it also now includes an employer’s relationship with employees. This resilience needs to be addressed from the top down, from the impact of future regulation and employee retention to public relations.
BW’s latest research feature, ‘Employee value proposition: the evolution of flexible benefits’ offers senior executives a more strategic view of flexible benefits as a core part of the EVP.
Topics covered include:
• reimagining your EVP;
• how the pandemic changed everything;
• uncovering secret workforce stressors; and
• putting your data to work.
Read the full report and access further insights for business leaders from BW at https://bit.ly/45PzKh9
