How flexible is your benefits package?

Some companies are letting their employees decide what they would want to have as privileges

A well-crafted benefits programme will help employees develop a sense of belonging towards the company. File photo used for representational purpose

Purnoor Bains is learning to play the guitar, but doesn’t have to pick up the tab for the classes. Her company is doing it for her, as part of ‘MyBenefits@Philips’, an employee benefit programme launched recently by Philips India.

The programme allows employees to decide on their benefits. Until the last financial year, when the benefits programme had not been launched, Purnoor did not feel greatly benefited by certain privileges offered to her by the company, as she did not need them badly.

Purnoor was not keen on having too many insurance-based benefits, and she is happy that this year she has the option of joining fitness, wellness, learning and development and lifestyle-oriented classes as part of her benefits package.

A ‘one-size-fits-all’ benefits strategy doesn’t work anymore for organisations. Diversity being the cornerstone of modern organisations, employee benefits programmes should reflect that, by being flexible, innovative and imaginative.

Flipkart rolled out its ‘FlexiBen 2019’ programme recently. Before it made the announcement, it had done its home work, which included a survey that sought to find out what benefits its employees would treasure the most. Twenty per cent of the employees sought greater flexibility in benefits. The internal survey also revealed that around 50% of Flipkart employees viewed benefits, which included insurance policies, as a key retention driver.

Last year, SAP India also rolled out its flexi-benefit programme.

Sonica Aron, founder, Marching Sheep, an HR advisory firm, says today’s workforce is multi-generational and assertive, and they would want to have as benefits those things that are more relevant to them at a given stage in life.

She says that when companies allow for flexibility in their benefits package, employees get a sense of belonging about the company.

In the gig economy, which will become well-entrenched sooner than later, to have a core permanent team of highly-talented employees, companies have to be generous in their benefits packages, which includes flexibility.