Cafeteria Benefit System

p Table 1 . Prevalance of flexible benefits plans in the individual(a) empyrean as Armstrong (2005 ) mentionedType of plan Percentage of organizationsFormal plan 16Flexibility for real benefits only when 18Individual flexibility at management discretion 10Source : hay sort benefits database3 . Why using Flexible benefits1 . It enables employees to choose the garland and keep back aim of benefits that is most appropriate to their lifestyle , age and own(prenominal) circumstancesFor example , an employee who is nearing seclusion is more than likely to want increase contributions into their pension escape , whereas as an employee aged 21 may prefer to take an increased holiday entitlement (Perkins 1998 2 . change magnitude levels of employee penury and employee retention /turnoverAs flexible benefits are typic anyy set m ore highly than specimen benefits many employers let on that empowering their employees to chose the mixed bag and level of their benefits has a motivational effect , and heart that employees do not need to leave the organisation in to find oneself the benefits package they want (Perkins 1998 3 .

Valuable tool for employee sign up which enhances the employer brandAs potential employees tend to quantify flexible benefits over well-worn benefits employers often find that they both receive more applications for va perplex outcies and can reduce the length of their typical recruitment cycles/second (Perkins 1998 4 . Improved cost avo wThe flexible benefits process requires the ! each(prenominal) employee to be make use ofd as the basis for benefit counting . This means that your business will have easy portal to this let out , employee specific data and feedback from our clients has shown that this new control is a evidential help in the ongoing budgetary process that all businesses undertake . Some employers choose to use flex to entertain themselves against rises in risk premiums (Perkins 1998 5 . Demonstrates the value of benefits and employeesWith a handed-down benefits package...If you want to get a luxuriant essay, order it on our website: BestEssayCheap.com

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