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The cafeteria plan, also known as flexible reward, is a way of giving your employees a say in the make-up of their pay package. As an employer, you establish the benefits you are offering and allow your employees to pick and mix from the range of benefits on offer. In doing so, the pay package better suits employees’ personal needs, with everybody choosing whether or not they wish to join the plan. A cafeteria plan is also budget-neutral: there are additional costs as an employer, but the wage cost remains unchanged. Which makes this a real win-win, as your employees get more value (and appreciation) for the same money.
The combination of high inflation and the energy crisis prompted all of us to reflect a little more on our financial future. Those who are given the option by their employer to put part of their pay package together by themselves often opt for a financial nest egg. Over a quarter of Belgians with a cafeteria plan pay towards a company pension savings scheme set up by their employer.
In addition to putting by some money towards their retirement, over 10% of employees are also seen to opt for extra cash by way of warrants. Warrants see you offering your employees the opportunity to convert the salary cost of their bonus into cash within 24 hours.
Working from home allows employees to better manage their work-life balance, which means they need fewer extra holidays. Along with mobility solutions such as company cars, this benefit is losing popularity. Then again, the effect of hybrid working does manifest itself in the use of multimedia. In second place are mobile phones and PCs or laptops as the most popular fringe benefits.
This is borne out by our own research: around 70% of Belgian employees are keen to put together their own pay package. A flexible reward package combines all the components of the ABC of motivated employees (Autonomy, commitment and competence). Allowing you as an employer to ramp the sense of commitment, satisfaction and loyalty of your employees.
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