What Exactly Are Flexible Benefits?
Deciding what benefits plan to get for your employees can be hard, especially if your office has a broad range of ages, genders, and family living arrangements. While you could always opt in for voluntary benefits, it still might not give enough options to your employees. Instead, you could try a flexible benefit program.
What Are Flexible Benefits?
A flexible benefits program allows employees to select different options for their specific employee benefits plan. Benefits options that can be offered include retirement plan contributions, vacation days, insurance plans, or cash. You do have the ability to make certain benefits be core parts to the plan that everyone has to get, such as the same dental and vision or amount of PTO. But the rest of the plan is customizable based on the employees needs and wants.
When Should I Use Them?
You should use a flexible benefits program when you have vast age, gender, or family dynamic differences within your workforce. For example, a 40 year old with 3 kids is likely to want a strong accident policy while a single 23 year old would probably rather have cash or a large employer contribution in their retirement account.
Questions on what benefits you should have for your employees? We’d love to chat! Just reach out to us here, so we can find the best solutions for you and your team.