VOLUNTARY BENEFITS
CIPD issues guidance on voluntary benefits
The Chartered Institute of Personnel and Development has published an updated factsheet on voluntary benefits.
The factsheet gives introductory guidance. It:
explains what is meant by the term “voluntary benefits” (VB) and the rationale behind this approach
outlines current trends in respect of coverage of VB schemes and the products and services included
examines how employers implement VB schemes
looks at the pros and cons of this type of benefit
includes the CIPD viewpoint.
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CIPD viewpoint
“The CIPD welcomes the capacity of VB schemes to enhance employee choice and flexibility over benefits packages by offering access to a range of additional ‘perks’. VB arrangements can in this way add value to the overall benefits package and hence aid recruitment and retention and improve employee engagement levels. However, the use of VB schemes is only fully effective if tailored to the needs and circumstances of the firm and its employees, and it is important that there is a clear business case to back the implementation of this type of approach.”
Want to know more?
Title: Factsheet: Voluntary benefits, Chartered Institute of Personnel and Development, revised January 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.