A new financing arrangement called myreward lease from The Jelf Group is helping organisations implement online flexible benefits affordably for the first time.
The Group has used its expertise to create lease-rental agreements so customers can pay for their flex programme over a 3-year period.
The agreement makes flexible benefits more affordable and feasible for both HR and finance directors.
Andrew Woolnough, benefits distribution manager of Jelf myreward, explains,
“We are making flex sensible and affordable not only to the HR team, but also to the financial decision maker. It’s this sort of joined up thinking that helps an organisation deliver a successful HR benefits strategy fully in tune with the needs of the finance director.
“As standard practice, we perform audits with our new customers to see where costs can be saved – it could in group risk, pensions or health insurance schemes. We then quantify whether salary sacrifice is a sensible option, which potentially saves each organisations thousands of pounds every year.
“Our leasing option is our newest way of making flex affordable and practical from every organisational perspective.
A new customer has already been able to implement flex on the back of Jelf’s leasing option, even before this official launch.
Myreward lease makes sense for all parts of the business, impacting the bottom line in terms of what the organisation can achieve with the right staff, combined with sensible budgeting.
In this market, flex is usually paid for with a large upfront fee for software, administration and marketing, plus ongoing per-employee costs for the next 3 years until the programme is renewed.
Jelf’s new lease-rental option enables employers to spread the cost over 3 years, the typical time to renew a flex programme.