DIY or outsource? That is the question
A guide to setting up your flexible benefits programme
Do you have a clear strategy for introducing a flexible benefits programme? Effectively used, a
flexible benefits programme is a human capital management lever your organisation can use to improve employee engagement.
When considering introducing a flexible benefits programme you should consider your motivation, choice, implementation, and the value it will add to your organisation.
Motivation
Why are you implementing a flexible benefits programme? Consider the questions of strategic benefit to your company, business reasons and value to your employees. There may be a market trend or internal pressure from staff, but for the programme to effective, your motivation for starting a flexible benefits programme should be clear from the outset.
Choice
How have you designed your benefits programme? Poll your staff as to what they expect from a benefits programme, and use the feedback to design your programme. You’re more likely to get a design of scheme that has the greatest perceived value to your staff and the most impact on your business.
Implementation
You now have to decide whether you are going to work with a third party supplier or use all your company’s resources. It may seem cheaper to DIY, but the cost of resources, training, after-sales service and staff interaction could be prohibitive. Getting staff to interact with their benefits via a website may sound practical, but who will design and manage it? How much will it cost?
For your employees to tangibly perceive the benefits of the programme you design, you will also need to publicise your programme effectively.
Value
The benefit that your organisation will realise from a flexible benefits programme goes back to your strategic reasons for implementing one. You will be able to measure the success of your programme if it achieves the business imperatives and standards of improvement you set at the outset. The easiest way to show the value of your package of benefits to your staff is through a Total Reward Statement, which will show the total value of your benefits programme in one place.
But it doesn’t end there! Once you’ve set up your flexible benefits programme, it will require maintenance and monitoring to ensure that it keeps pace with the changing needs of your organisation.
If you’d like to discuss your organisation’s flexible benefits needs with us, contact us online, and a Ceridian adviser will address your needs further.
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purposes only. This information should not be construed as Ceridian providing legal, tax or other advice
to any specific individual or organisation. Please consult your appropriate adviser for specific advice.
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