Flexible Benefit Programs
Compete with other employers for valuable human resources by providing better and more flexible compensation programs. Built into HRMS is a Flex Benefit program. No need to design a program as it is ready to use.
The key purposes for flexible compensation are to:
Meet diverse employee needs while containing benefit costs:
- Employee decides among types of benefits and levels of coverage.
- Set a more clearly defined mechanism for controlling costs over the long-term.
- Separates the decision on the cost of benefits versus the form of benefits.
Deliver compensation in a tax effective manner:
- Your Company can pay the same but the employee can receive higher take-home pay.
- Takes advantage of differing treatments of benefits under the Income Tax Act.
Attract and retain employees:
- Flexible compensation will be regarded as innovative, responsive and leading edge.
- Employees appreciate flexibility which leads to higher satisfaction.
- Your Company will be differentiated from other employers.