Katie Jacobs, June 04, 2014
Voluntary benefits are a cost-efficient way to add more to your benefits package
Bored of flex? Voluntary benefits could be the answer – a cost-efficient way to add more to your benefits package. Voluntary schemes differ from flex as the employee rather than the employer pays for the cost of the benefits, which are offered at a discount or through a salary sacrifice model. Popular benefits include shopping discounts, gym membership and broadband and utility deals.
“It can be hard to find new and exciting things to broaden a flexible benefits package,” says Jacqueline Otten, head of flexible consulting at Towers Watson. “Voluntary benefits are a good way to broaden it and get some more fun and exciting things in.”
To make voluntary benefits as effective as possible, Otten advises ditching paperwork for a branded employee portal and making sure employees can access their benefits via their mobiles. “It’s all about making it easy for people,” she says.