The benefits packages are a form of motivation and reward for employees and even more appreciated if the employee can choose his own package. Establishing the policies for benefits is a challenge for the company when trying to build flexible benefits tailored to the real needs of the employees.
The companies should consider, when choosing the benefits, the following:
The flexible packages have the advantage of allowing each employee to choose from a wider range for the benefits that are acceptable in relation to their own needs and lifestyle.
There are a number of advantages when the employee can choose the benefits by his own:
The company administrative effort can be quite expensive – formulate and communicate the benefits, record the employees preferences and satisfaction. MyStaff Flexible Benefits module is a cost effective solution, especially when the number of employees exceeds the administrative capabilities of the company.
The objective of MyStaff Flexible Benefits module is to provide an effective tool for managing the process of motivating employees through benefit packages. Starting from the idea that employees have a great diversity of priorities and needs, Flexible Benefits is helpful in:
The Flexible Benefits module allows transfer to Payroll for effective payroll with predefined selection options:
The Flexible Benefits organization can be in different categories – types of benefits, suppliers, predefined packages, benefits which are chosen together.
The categories of benefits are logically organized so that an employee cannot select the same type of benefit from different providers (e.g. medical insurance from different clinics).
When implementation, the module is customized according to the organization and will define the name of benefits, calculation, expiration date, type, amount (gross or net), value.
The HR responsible defines a campaign and selects the benefits that the company can offer.
The characteristics of benefits campaigns in MyStaff Flexible Benefits module:
When the campaign is active, the workers for who it is intended (previously selected) will receive an automatic email for choosing the benefits to which they are entitled. In the MyStaff Employee Self Service module the employee selects the benefits; these are saved and correlated with MyStaff Payroll module when the payroll is made.
The campaign can stop at the deadline or be stopped for all employees or for certain employees at some point before the deadline.
The transfer to Payroll is done by selecting the period, the running campaigns and generating the benefits packets and the related taxes and contributions.
The employee can announce that he wants to change the benefits package. In this case, the HR officer may stop an ongoing campaign just for that employee and reopen another one intended only for him, where he chooses the new benefits. The process of transferring to payroll is resumed for that person with new data. In this way, MyStaff Flexible Benefits module really ensures flexibility for both employers and employees.
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