Developing a voluntary benefits package

VOLUNTARY BENEFITS

Developing a voluntary benefits package

Voluntary benefits have been given a new lease of life in recent years, and their value as a reward tool with few financial and time constraints is highly acclaimed, according to a report by IRS Employment Review.

A voluntary benefits package consists of a single, or a selection of, products or services that employees can purchase at discounted rates whenever they choose. It’ s a cheap and simple way to introduce choice in benefits provision.

Among the key issues examined in this five-page IRS report:

• presenting a sound business case to senior managers -- the important bases to cover
• deciding whether to negotiate discounts with suppliers independently, or bring in a specialist benefits provider with pre-arranged offers
• opting for a "fee-free" package or "fee-based" provider
• finalising the choice of benefits -- consider staff interest, demographics and existing benefits package
• devising the communication programme -- start by creating a "benefit" brand.

The report includes a brief case study of the voluntary benefits package in waste industry organisation SITA UK.

Want to know more?

Title: "Voluntary benefits: saving in the workplace", IRS Employment Review 818/Pay and Benefits, 25 February 2005.

Availability: To purchase this report contact the subscriptions department at IRS in London, tel: 020 8686 9141 or visit www.irsemploymentreview.com

Posted 22 March 2005