What are Flexi Benefits & Should My Company Offer Them?

Blog
·
September 15, 2022
·
By
Nicholas K

If you’ve been around HR discussions and forums in recent times, you’ll be familiar with flexible benefits — or at least, you’d have heard of the term being thrown about with increasing regularity. 

But what are they? How do they benefit your employees? What about pros & cons for HR strategies, and the overall organisation as a whole? Should you implement flexible benefits at your company? And how do you execute the whole process? 

We’ve a quick, concise, but comprehensive guide here — exclusive to altHR’s HR Resources blog.

What are Flexible/Flexi Benefits? 

Traditionally, benefits that are offered to employees on top of their basic salaries are fixed plans. This means that they are generally designed to be part of a balanced package that would appeal to a wide range of employees, including benefits such as medical coverage, insurance, as well as allowances for transport and other expenses. 

With flexible benefits, also known as flexi benefits, employees are given the versatility to customise their benefits packages at the company. While the arrangement will differ from company to company, HR departments and employers generally offer a wide range of benefits to choose from, with employees then given a certain quota to fill with regards to their benefits plans. 

These will ultimately allow each employee to tailor the package to suit their individual needs. As such, with the wide demographic of professionals at many companies, it’s crucial to remember each and every employee will have varying needs and wants at a company. 

Pros & Cons of Flexi Benefits

So, should you offer flexible benefits at your company? Here is a quick list of the upsides (and potential downsides) of flexi benefits: 

Pros:

1. Improved employee recruitment and retention rates

Global trends like The Great Resignation affecting employee retention rates in recent years — a process that was exacerbated by the COVID-19 pandemic. However, with employees now arguably prioritising flexibility and personal well-being above all else, it’s important to offer the right combination of benefits in order to attract (and retain) the very best talents at your organisation. 

Improved recruitment and retention rates will also reduce the costs associated with replacing existing employees, ultimately adding to a host of beneficial outcomes for organisations with flexi benefits. 

2. Reduces the need for guesswork

Rather than spending time (and money!) trying to design a competitive benefits package, flexi benefits packages remove the need for any sort of guesswork. Instead, employers and HR practitioners can focus their time on other business objectives — while resting assured that employees have access to the benefits that they need most. 

3. Happier employees

At altHR, we like to say that a company’s most important asset is its people. Keeping employees happy and fulfilled is a key element of business success, and in general, happy employees translates to better individual performance at work. This, consequently, improves overall business performance. 

And of course, offering the right benefits — on top of competitive remuneration, and a host of other HR-related policies (read more about it here) — is key to keeping your employees happy. 

Cons:

The main downside to offering flexi benefits is the occasional difficulty in effectively implementing policies. Challenges include the time and resources taken to design a flexible benefits plan — which can be tedious without the right sort of tools in place. 

Flexible benefits can also be rather costly to offer. These costs mainly centre around technology (or simply time) required to manage flexible benefits packages.

However, with the right digital tools in place, flexi benefits can be a hugely powerful tool for your company. This brings us to… 

Need help managing benefits? Need help digitalising HR?

Speak to the altHR team today!
Contact Us Now

Sign up for altHR

Success!

Your submission has been received! One of our Customer Success Officer will be in touch with you shortly.
Oops! Something went wrong while submitting the form.

Download our FREE Collection of HR Templates

Awesome, here's your download!

If you are interested to learn more about altHR, find out more here.

Oops! Something went wrong while submitting the form.

Taking care of employers & employees with altHR’s Flexi-Benefits module 

Our long-term aim here at altHR is to enable Malaysian businesses to be awesome at doing what they do with Digi’s super app, altHR. With the Flexi-Benefits module on altHR, employees are able to choose pre-curated benefits on the app by using an allocated set amount of points in a cycle. These points can be allocated based on seniority, job band — or employers can simply offer the same allocation to every employee.  

Manually keeping track of HR processes like leave entitlements, and even performance reviews for employees can be a challenging process for employers and HR professionals — but it doesn’t have to be. 

HR professionals are often faced with daunting, often tedious tasks on a daily basis — tasks that have become even more difficult to handle in today’s fast-moving digital world. 

But help is available, if you know where to look. Let us streamline your HR processes by managing and automating day-to-day tasks, so you won’t have to worry about things like paperwork, privacy concerns, time-tracking, or onboarding challenges.

Sign up for altHR, the all-in-one digital solution that covers everything from onboarding to staff management and providing employees with information kits. You’ve done it the old way long enough.

Subscribe to the altHR Resources blog

By submitting this subscription request, I consent to altHR sending me marketing communication via email. I may opt out at any time. View altHR's Privacy Policy.
| Please enter a valid email
Awesome! Your submission has been received!
Oops! Something went wrong while submitting the form.

Sign up for altHR

Success!

Your submission has been received! One of our Customer Success Officer will be in touch with you shortly.
Oops! Something went wrong while submitting the form.

Download our FREE Collection of HR Templates

Awesome, here's your download!

If you are interested to learn more about altHR, find out more here.

Oops! Something went wrong while submitting the form.