FLEXIBLE BENEFITS
CIPD issues guidance on flexible benefits
The Chartered Institute of Personnel and Development has published an updated factsheet on flexible benefits.
The factsheet gives introductory guidance. It:
reviews the advantages and disadvantages of flexible benefits schemes
considers how a scheme should be organised and communicated
look at the benefits that might be included
gives the CIPD viewpoint.
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CIPD comment
“Flexible benefits are a hot topic, fitting in well with the wider total reward debate and talk of the mass customisation of reward. As a practice, flexible benefits are set to increase as new software becomes available and the cost of implementation decreases allowing more organisations to set it up. Flexible benefits are seen as an ideal way of addressing diversity in benefits, as reinforcement of cultural change, harmonisation of reward practices, especially during merger and acquisition, and an effective means of cost management. But they are not a 'magic' solution and need to be managed as part of an integrated reward strategy with clear goals and excellent support processes.”
Want to know more?
Title: Factsheet: Flexible benefits, Chartered Institute of Personnel and Development, revised June 2009.
Availability: To download the factsheet, free of charge, go to www.cipd.co.uk/onlineinfodocuments/factsheets.htm.
The Chartered Institute of Personnel and Development (CIPD) has more than 130,000 members and is the “leading professional institute for those involved in the management and development of people”. To find out more visit www.cipd.co.uk.