The concept of a flexible benefits plan is not a new one, but are companies really realising the true value of allowing staff to make decisions about their own benefits?
Khor Ling Ling, deputy director of performance and rewards at Changi General Hospital, says while many organisations worldwide have some form of benefits which have the characteristics of a flexible programme, more work is needed to “formalise” it.
“To formalise it into a pure flex-ben programme essentially means designing a set of benefits with defined rules and monetary quantum,” she says.
“Flexible benefits are suitable for most organisations, as they are able to cater for low and high-spending users, as well as all generations.”
To talk more on this topic, Khor will join Benefits Asia 2013 on the panel discussion about meeting your employee’s needs with a simple, transparent and relevant flexible benefits programme.
“The items [in a flexible programme] are replaceable and exchangeable through the spending patterns shown by the users themselves. It is an indirect form of employee surveying when organisations want to find out the value of their benefits to the workforce.”
Khor has been in the compensation and benefits profession for close to 15 years, after starting her career as a consulting analyst. She accumulated her C&B knowledge during stints with major companies such as Sony, Mercer and Siemens.
Benefits Asia 2013 will take place on 23-24 October at the Sheraton Towers in Singapore.
For more information on the event, speakers and how to get involved and enter our awards, please visit the event website here.