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Every organization has different needs and priorities, which makes flexible benefits an effective way of offering employee compensation. In addition, flexible benefits allow employees to tailor their benefits package to suit their individual needs and lifestyle. A well-designed benefits package helps an organization compete for talent, reduce turnover, and improve employee satisfaction and productivity.
Flexible benefits are not only about providing employees with choice and control but also about saving money. By allowing employees to choose the most valuable benefits, you can reduce overall benefits costs.
However, employers must determine what flexible benefits work best for their organization. Flexible benefits include cafeteria plans, full flex plans, simple cafeteria plans, premium-only plans (POPs), and flexible spending accounts (FSAs). In addition, employee assistance programs (EAP), commuter benefits, expense coverage for remote work, flexible scheduling, professional development, health reimbursement arrangements (HRA), income protection insurance, and wellness programs are also quite common.
To learn more, watch the video.
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