Flexible benefits attract high-demand talent

THE battle to attract, engage and retain talented employees has several South African organisations turning to flexible benefits to lure candidates away from their competitors.

- LINDIWE SEBESHO

Skilled workers are realising how valuable they are - and are demanding more than a generic remuneration package with set benefits. Companies have to understand the diverse needs of their employees in order to develop the right offering of benefits that best meets those needs.

How they work

A good flexible benefits scheme offers employees:

• A variety of possible financial and retirement, health and wellness, and work-life benefits to choose from.

• The ability to select a mix of benefits that best suits their personal needs.

• The means to readily adapt the benefit mix to changes in their life circumstances.

• The power to periodically adjust any contribution to each benefit.

Ideally, employees should be sufficiently informed and empowered to manage their benefits independently through a digital corporate employee portal, adapt their mix at will or adjust benefit contributions in return for extra take-home pay.

However, employers may face practical constraints on the benefits they can offer, as well as on the frequency and level of adaptability they are able to support.