What are Flexible Benefits and Why do they Matter?

In today’s competitive job market, attracting and retaining top talent requires more than just a standard benefits package such as a pension, holiday and ‘free fruit Wednesdays’. Enter flexible benefits – But what exactly is meant by the term ‘flexible benefits’, and why does a scheme like this deserve investment in today’s modern workforce? 

Mention ‘flexible benefits’ and it raises a host of different expectations – including, perhaps, complexity, expense and sometimes too much choice. It’s easier to think simply in terms of ‘employee benefits package’, which is part of every employer’s offering instead of labelling it ‘flexible’. While the concept may sound complex, it’s simply about offering employees more than just a one size fits-all benefits package.  

‘Flexibility’ simply refers to having a choice of optional benefits available. Most employers provide something between a single benefit and a fully flexible benefits package.  

Beyond the statutory minimum – a workplace pension and holiday at 12.07% of a base salary – the level of flexibility in your employee benefits scheme will be driven by various factors including how much you’re able to invest in your people.  

There’s a host of very good reasons for offering flexible benefits in the modern workplace. With flexible benefits, employers can tailor their offerings to accommodate diverse workforce demographics and lifestyle preferences; Ultimately driving higher levels of engagement and satisfaction. 

Through Lumina, flexible employee benefits are now within the reach of all businesses, whatever their size. Employees can build a benefits package that reflects their unique needs and preferences, leading to increased engagement and loyalty. 

If you’re looking for a simple to read infographic, download this one through the link here

Lumina: Empowering Employee Choice  

At the heart of Amba’s flexible benefits solution lies Lumina – a state of the art platform designed to streamline benefits administration and empower employees. 

Amba understands that every business is unique and so are its employees. By putting choice directly into the hands of your employees, Lumina fosters higher levels of engagement, satisfaction, and loyalty in not only their benefits but also you, the employer. 

Through Lumina and the Amba team, you can trust that your benefits program is strategically crafted to attract, retain, and engage top talent while optimising costs.  

The Benefits of Flexibility 

So, why do flexible benefits matter, and how can they benefit your business?  

Here are some of the key reasons why flexible employee benefits make business sense – especially when they are supported by technology. 

Employee engagement 

Flexible benefits empower employees to choose benefits that align with their individual needs and preferences, fostering a sense of ownership and appreciation. With Amba’s Lumina platform, businesses can boost engagement by providing employees with easy access to a wide range of benefits options.  

Amba clients have employee registration rates of over 90% 

With Lumina, our platform facilitates effective communication through eye-catching reminders, enhancing benefits uptake. 

By aligning benefits with employee demographics and preferences, businesses can maximise engagement and return on investment, as employees value choices relevant to their lifestyle. 

Sam our Sales and Marketing Manager loves the Perks at Work Platform: 

I love the Perks platform as it allows me to save money or generate points on everything I buy. I should have around £200-£300 in ‘free’ cash by the time Christmas comes around, which will help at a very expensive time of year.  

Cost savings 

While there may be initial costs associated with implementing a flexible benefits program, the long-term savings become a significant investment. By optimising benefit spending and leveraging cost effective administration solutions like Lumina, businesses can achieve greater efficiency and cost control. 

Budget control 

A flexible benefit fund allows employers to allocate resources strategically, while still offering employees a comprehensive range of benefits options. 

With Amba’s solutions, businesses can manage their benefits budget and ensure resources are directed where they are most valued by employees. 

Something as simple as Flexible working (which costs nothing to implement through Lumina) allows Sue to manage her week better and have an awesome work life balance.  

“By working my allotted hours in 4 days and not 5 I am able to take Wednesdays off which is a great day to get stuff done such as my hair as its quiet. It’s also a great way to break up a week”.  

Attraction and retention 

Over 80% of employers offer employee benefits as an effective retention tool, and over 60% want to be seen as an employer of choice.  

In today’s competitive talent market, offering a flexible benefits package can set your business apart as an employer of choice. By providing employees with personalised benefits options, businesses can attract high calibre talent and enhance employee retention without having to increase salaries. 

Solving business issues 

Flexible benefits can also address specific business challenges, such as reducing absenteeism through wellness programs or promoting healthier behaviours through gym memberships. With Amba’s solutions, businesses can implement targeted benefits strategies to address their unique needs. 

Take Jack, our systems manager – He uses the Health Cash Plan Amba offers its employees.  

“I use the Cash plan to claim back loads, glasses, dental, physio, it’s really good to offset medical expenses that would otherwise be too expensive” 

Creating a level playing field 

A flexible benefit fund allows employers to ensure fairness and equality by providing all employees with access to the same sum of money for benefits. This creates a level playing field and promotes inclusivity within the organisation.  

Unlock the Power of Flexible Benefits with Amba and Lumina 

In conclusion, flexible benefits are not just a trend. Flexible benefits simply means being able to give employees an option to choose the benefits that are right for them, but it is only effective when supported by a system that allows this all to work. 

Lumina is a system developed by Amba to do just that. We help businesses unlock the full potential of their benefits program and achieve lasting success in today’s competitive landscape. 

If you’re interested in hearing about the different benefit options available to you as a business, contact Amba and book a demo today, it costs nothing to talk, and the benefits are limitless. 

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