Flexible benefits enable employees to tailor their benefit plan to suit their individual needs. Employees can pick and choose coverage “cafeteria style” depending on their personal situation, age, health, spouses coverage, etc. Flexible benefit plans have several advantages for both employers and employees: they stretch the value of employer-provided benefit dollars, and enhance an organizations ability to control rising benefit costs; they give employees flexibility and control over their benefits package, and allow employees to pay for coverage on a tax-effective basis. Also, as the workforce becomes more diverse, flexible benefits can play a key role in helping companies satisfy the needs, wants, and motivations of their employees. Dramatically increasing health-care costs and decreased government funding mean that employers are picking up more of the health-care tab than ever before, and more are looking at creative programs like flexible benefits to help them reduce their costs. This handbook offers everything you need to know about designing, implementing, communicating, and administering a successful flexible benefits program.
Book Details:
- Author: Robert J. McKay
- ISBN: 9780470154007
- Year Published: 2007
- Pages: 320
- BISAC: BUS030000, BUSINESS & ECONOMICS/Human Resources & Personnel Management
About the Book and Topic:
Flexible benefits enable employees to tailor their benefit plan to suit their individual needs. Employees can pick and choose coverage “cafeteria style” depending on their personal situation, age, health, spouses coverage, etc. Flexible benefit plans have several advantages for both employers and employees: they stretch the value of employer-provided benefit dollars, and enhance an organizations ability to control rising benefit costs; they give employees flexibility and control over their benefits package, and allow employees to pay for coverage on a tax-effective basis. Also, as the workforce becomes more diverse, flexible benefits can play a key role in helping companies satisfy the needs, wants, and motivations of their employees. Dramatically increasing health-care costs and decreased government funding mean that employers are picking up more of the health-care tab than ever before, and more are looking at creative programs like flexible benefits to help them reduce their costs. This handbook offers everything you need to know about designing, implementing, communicating, and administering a successful flexible benefits program.
No competition: The only single source that brings together all the information a company needs to design, administer, and communicate a flexible benefits program. Comprehensive coverage includes: strategies for introducing choice in all benefit areas, the methodology for analysing the financial aspects of a “go/no go” decision, model processes for implementing a program, and how to communicate the details of a flexible benefits program to employees. New and revised information in this edition includes: changes in the health-care environment over the last five years; updated survey results and statistics; more case studies of Canadian companies that have successfully implemented flexible benefits; changes made to Quebec tax legislation; and special help on topics that can make or break a flexible benefits program. Case studies: Features Canadian companies that have successfully implemented flexible benefits.
About the Author
Robert McKay, Editor, is an actuary and partner with Hewitt Associates. He has designed and implemented flexible benefits programs for a wide variety of employers in both Canada and the US. He is a frequent speaker on the topic of flexible benefits and is acknowledged as Canadas leading practitioner in the field. Hewitt Associates is one of the largest employee benefit and compensation consultants in the world, and is the leader in flexible benefits. The firm pioneered the concept of flexible benefits in the 1970s, and developed the first prototype programs. Today, Hewitt has designed and implemented more flexible benefits programs than any other organization in the world.