EMPLOYEE BENEFITS
Voluntary benefits becoming increasingly popular
The market for voluntary benefits has heated up over the last few years as a growing number of suppliers have come on to the scene, according to a study by Incomes Data Services.
The wide reach of the internet and rise of e-commerce has provided the tool with which retail and service sector organisations can exploit the vast potential offered by "worksite marketing".
But as IDS points out, this expansion is not only being driven by suppliers. "Employers are also recognising the advantages of arranging voluntary benefit packages. First and foremost, voluntary benefits are seen as a (potentially at least) cost-free means of improving what is on offer to the employees. They can be used to enhance traditional benefits provision and, for some organisations, they are the natural precursor (in others, the alternative) to the introduction of a flexible benefits package."
What are voluntary benefits?
"In contrast to conventional employee benefits packages, which they complement, voluntary benefits are not funded by the employer. Instead, the company arranges preferential rates on a variety of products and services that employees can take advantage of as they see fit." -- Incomes Data Services.
What you will find in this report
This nine-page article from Incomes Data Services:
Want to know more?
Title: "The rise of voluntary benefits", IDS HR Studies Update 769, March 2004.
Availability: Contact customer services at IDS in London, tel: 020 7324 2599, or email: sales@incomesdata.co.uk.
Incomes Data Services is an independent research organisation providing information and analysis on pay and conditions, pensions, employment law and personnel policy and practice in the UK and the rest of Europe. Find out more at www.incomesdata.co.uk