Flexible Benefits
Flexible benefits allow employees to match their benefits to things which are relevant to their lifestyle. Traditionally, many companies have held back from offering flexible benefits because of the administration complexities and the costs involved. The mybenefits system makes the whole process much simpler. In addition, the concept of ‘salary sacrifice’ means that flexible benefits often don’t actually cost employers or indeed may even save them money.
mybenefits has a logical back-office administration process, while also ensuring employees understand their options. Once the selection period finishes, the system provides you with everything you need to complete the benefits roll-out.
Employee features
- Intuitive user interface
- Clear view of spend and impact on salary
- Clear summary of choices made and the cost implications before making choice
- Email confirmation of choices made
- Log on from home to discuss choices with partner/family
- Only see the choices open to them
- Real-time updates to benefit costs
- View flex scheme booklet or guidelines
- Each benefit shows ‘in-depth’ benefit information
- Summary screen after selections have been made
- View personal details
- Add or edit details of dependants
- Add or edit details of beneficiaries
HR view
- Easy to allocate flexible benefits and available selections based on criteria such as age, length of service, grade or location
- Retain editorial control
- Define the flex ‘pot’ for each employee, while limiting the amount spent by lower earners to protect their state benefit entitlements
- Manage salary sacrifice benefits
- Formal approval process to deal with changes to contractual terms
- Simple and effective management of medical underwriting and group risk benefits
- Easy to update premium/contribution rates when required
- Powerful HR reporting facility – powered by Crystal Reports
- Instant access to each employee’s information, including choices available to them and current selections
- Streamlined management of joiners and leavers
- Streamlined integration with payroll and HR systems
- Manage dependant and beneficiary data
- Output P11D data in desired format
- Publish company policy and/or directories
