Companies are rushing to launch flexible benefits schemes under which staff can choose options like additional holidays, healthcare, or company cars, in an effort to help them retain staff.
According to a report from the Industrial Society today, over half the companies who responded now operate a flexible benefits scheme.
Case studies are included from Alcatel, Cable & Wireless, Cadbury, EMAP, PriceewaterhouseCoopers and Spring Group. Several reported employee were originally sceptical but had soon become enthusiastic.
Christine Garner, the IS head of organisational development said: "Flexible benefits schemes are a way of increasing an employee’s satisfaction and also of attracting the best recruits.
“They allow employees to choose benefits suitable for their needs. Parents may want to take extra holidays to be with their children.. Older people may want extra medical benefits or life assurance and younger staff may want extra money rather than extra holidays." In most companies all employees qualify.
by Kathy Watson