In this article we would like to explain the difference between voluntary benefits and flexible employee benefits.
Voluntary benefits are benefits that are sorted by the company but paid for by the employees – normally by deduction from their basic salary over a period of time.
The basic premise is that the company arranges a special deal by virtue of it’s size and this gives employees access to a product at a rate or cost lower than that which they could obtain themselves in other circumstances.
We live in an era of technological revolution, where everybody is trying to take advantage of the digital solutions out there on the market no matter the industry or business goal. We use technology every day, and the truth is that we can’t live without it. Many life functions are directly dependent on technology, because it leads to better productivity and life quality. HR industry is not an exception, and today we want to share one pretty advanced way to engage your employees with the help of technology.
It’s about completely digital solution for companies that want to provide benefits to its employees. It’s something new on the market and it will change the way you engage with your employees.
When employees sign up for benefits through their employer, there sometimes what they call cafeteria benefit plans. The phrase is used to describe flexible employee benefits. Flexible benefits mean that employees can pick and choose their benefits into a custom plan, much like choosing items in a cafeteria line. Many companies have begun to offer this option to employees, or at the very least, offer multiple tiers in terms of coverage.
Over the years, flexible benefits platforms have become increasingly popular among companies due to their effectiveness. In order to be able to stay equal or above their competition, companies often need to incorporate a flexible benefits platform into their business. But just exactly what is a flexible benefits platform and what does it provide for a company?
Here is an overview of flexible benefits platforms.
Human Resource departments are an important part of any business or company. It is the role of the Human Resources department to recruit, interview, and staff the company with the best employees possible. They are also tasked with keeping track of employee records, payroll and managing employee benefits. In many ways, Human Resources is the backbone of a company that helps keep it running smoothly by its many functions, through coordinating departments and with keeping employees satisfied with their jobs.