From pension contributions and childcare support to Cycle-to-Work and electric vehicle (EV) schemes, salary sacrifice employee benefits are becoming increasingly popular. Especially as the cost-of-living crisis is still hitting people’s pockets and the economy remains clouded in uncertainty.
So, what makes salary sacrifice so appealing for staff amongst employee benefits? Here are just a few of the reasons that employees are increasingly seeking salary sacrifice benefits:
- Tax- and cost-savings
- Ability to purchase high-value/sought-after items
- Improved employee health and wellbeing
- Reassurance and peace of mind
Tax savings are a huge draw for salary sacrifice, with significant savings to be had, especially for those on the higher income tax rate of 40%. The Times Money Mentor does a good job of showing breakdowns and examples of the savings employees can enjoy through salary sacrifice schemes.
In the modern workplace, with an increasing number of remote and dispersed teams and heightened demand for suitable benefits and incentives, HR teams not only need to widen their range of employee benefits but also do a better job of communicating them across the organisation.
Canada Life found that as many as 34% of employees want to hear more about what employee benefits are on offer for them. Learn how FlexGenius’ employee communications tools help HR teams keep staff informed about and engaged with the organisation’s benefits programs and salary sacrifice schemes.
Exploring FlexGenius’ user-friendly employee benefits platform
Managing and implementing salary sacrifice and employee benefits schemes effectively requires your technology to be fit for purpose – something that a lot of legacy HR systems are not for today’s modern workplace environment.
In our hybrid working era, employees are typically more financially savvy and health-conscious. Therefore, employers must cater for more salary sacrifice options in their employee benefits programs to attract and retain top talent.
Is your current HR system up to the job? Does it give you the flexibility to provide employees with a wide range of appealing salary sacrifice options to meet new employee benefits demands? You need a platform that’s user-friendly and has the flexibility required to add and deploy new benefits seamlessly.
FlexGenius is the ultimate flexible benefits platform that empowers you to provide effective, easy-to-manage and clearly communicated salary sacrifice employee benefits across your organisation.
The platform is intuitive, user-friendly, scalable and offers customisation capabilities, including adding your company’s branding to the portal. Enjoy the platform's modern design and seamless user experience for employees and administrators alike - plus our dynamic Total Rewards Statements give employees an easy and clear way to view their benefits status and overall value.
Salary sacrifice employee benefits you can offer with FlexGenius
FlexGenius can accommodate any employee benefits from your existing program or our extensive, constantly updated portfolio. Our flexible employee benefits platform enables HR teams to implement a wide range of salary sacrifice options. Contributions can be varied at any time with immediate tax relief at marginal rates.
Here are some typical examples that you can deploy through FlexGenius, thanks to our various partnerships with top solution providers:
- Cycle-to-Work schemes
- Season tickets for travel
- Electric cars/vehicles (EV)
- Car servicing plans
- Health screenings, allergy testing, health cash plans and home health kits
- Childcare vouchers and support for other family care needs
- Life assurance, cover and plans
- Pet insurance
- Support and resources for advice on health and wellbeing
- Give As You Earn (GAYE) schemes
- Various forms of financial advice and savings plans
- Legal support, including probate, conveyancing and will writing
- Bereavement counselling
- Climate-positive change products
- Tech schemes
These are just some of the salary sacrifice employee benefits you can offer your staff and enable them to enjoy savings from the payroll deduction process. Get in touch with our friendly team if you have any questions about these offerings.
Advantages of the FlexGenius platform
FlexGenius offers next-generation, proprietary technology to enable us to offer a fully flexible and agile employee benefits platform and deliver a highly personalised solution. Our experts constantly review the benefits marketplace to ensure we provide the best packages and strike the right partnerships to help our clients increase employee engagement and experience.
Check out our handy explainer video to get a quick-glance view of how the platform works and the impact it could have on your business!
Below we outline some key advantages you’ll get from FlexGenius:
Salary sacrifice management
We simplify salary sacrifice management, giving you the flexibility and customisation to deliver the right employee benefits for your organisation. The platform automates calculations and deductions and puts you in control of deploying, managing and updating your salary sacrifice schemes.
Our software’s inbuilt flexibility means that any existing or new salary sacrifice scheme can be accommodated with easy and adaptable management and administration.
FlexGenius’ configuration tools give you tailored views, dependent on criteria such as service, role or location. Plus, process automation capabilities make updating employee data, such as accommodating salary changes and new rules, fast and efficient.
Employee benefits administration
As mentioned, FlexGenius enables HR teams to offer their teams a wide range of employee benefits to meet any needs and we make the administration and implementation process super-simple. You can integrate FlexGenius with your existing benefits providers and HR systems with ease for seamless upgrading of your employee benefits programs.
Enrolling people into your programs and onto the portal is easy and can be enhanced by our suite of communications tools. Use these tools to publish announcements and news whenever you want – you can add graphics, links and video content to reinforce your messages. Plus, FlexGenius has an inbuilt survey tool to help better engage your employees and get a temperature check on how they’re feeling about the company and the level of benefits you’re offering.
Rewards, recognition and discounts
Beyond our salary sacrifice and employee benefits, you can also integrate our rewards and recognition solutions to incentivise employee behaviour and deliver a positive impact on engagement and morale. Plus, you’ll be able to offer employees exclusive deals on a wide array of products and services, including savings on thousands of retail brands and discounts on things like gym memberships – over 3,000 gyms and health clubs offer corporate discounts.
FlexGenius is your one-stop shop for employee benefits and delivering effective salary sacrifice schemes, and it’s simple to use for HR teams and employees alike.
Implement flexible salary sacrifice options in your employee benefits program
What our clients love about FlexGenius is the flexibility of the solution and the almost endless employee benefits you can incorporate. Combine all your employee benefits in one place and tailor your portal to your benefits programs and the salary sacrifice needs of your staff. Add value to your benefits offering and give your employees a great opportunity to enjoy significant savings through our innovative salary sacrifice solutions.
We have a 92% client retention rate, which demonstrates satisfaction with our software and service – we offer extensive customer support, including account reviews to analyse employee engagement and insights on the latest trends. The platform is adaptable to various industries and company sizes and can be used by UK and international companies.
Explore our case studies to see great examples of the positive impact FlexGenius has delivered for businesses across different sectors and get inspired by the potential impact we could drive for your organisation!
Summary
As people increasingly seek ways to save money and improve their financial wellbeing, companies need to provide appealing, diverse and cost-effective salary sacrifice employee benefits. This will help you to boost employee engagement and retention, attract top talent and foster a company culture that is supportive, inclusive and incentivising.
If your current HR systems or existing employee benefits solutions need overhauling, why not explore the full range of platform features FlexGenius offers? Or you can book a demo to see the platform for yourself.
*Avantus does not provide tax or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax or accounting advice. You should consult your own tax and accounting advisors before engaging in any scheme.
