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Flexible benefits schemes have evolved a great deal since they first came over to the UK from the US back
in the 1980s.
Rather than simply giving employees a pot of money to spend on benefits through flex, employers now have a lot more options when structuring these schemes. This means they can ensure their flex plan is carefully tailored to truly meet the needs of their organisation.
Going forward, the options are only going to increase for employers and employees. Latest developments look set to place flexible benefits schemes at the heart of an integrated reward package, closely aligned to other benefits programmes. For example, some employers are now linking performance incentives and recognition schemes to flexible benefits plans to give staff greater choice about how they are rewarded.
Meanwhile, the continuing development of corporate wrap and wealth management platforms will enable employers to give staff the means to manage all their financial affairs ≠– including benefits ≠– in a single place. Although these platforms are still some way from incorporating flexible benefits, many providers in the market are aiming to develop vehicles that will, ultimately, be able to achieve this.
If flex continues to evolve as it has done over the years, it will enable employers to offer ever-more tailored schemes to meet their workforces’ needs.
Debbie Lovewell, Deputy Editor, Employee Benefits