Flexible Benefits: Harnessing the Power of Choice

March 30, 2017 | Studies

Flexibility is a word that’s increasingly being used in today’s workplace. We hear it applied to work schedules, with some companies moving away from the traditional 9 to 5 setup. While employees used to be restricted to working in their cubicles, more people are now able to work remotely. Even job roles have transformed to allow employees to grow and explore their skills.

By giving employees the freedom to choose, employers recognize that both freedom and choice are important in maintaining an engaging work environment. One strategy that has been around for decades is the implementation of a flexible benefits program.

Flexible benefits enables employees to enjoy their benefits of choice using a budget allocated by their employer. This makes benefits more relevant and satisfying for employees, who can now choose between keeping their existing benefits and converting them to items and services that better suit their needs.

One of the more popular forms of flexible benefits is via reimbursement, but all the paperwork involved can make this hard to administer. STORM Flex provides a different option with its marketplace model. Instead of buying things and submitting their receipts for reimbursement, employees are able to convert certain benefits into flexpoints that they now use to buy what they want from STORM’s online marketplace.

To see how relevant the STORM Flex platform is to today’s employees, we looked at Sun Life Financial Philippines’ SunFlexibilities program. Sun Life is one of the world’s leading financial services companies, offering life insurances, mutual funds, and more. In the Philippines, 61% of Sun Life’s employees are millennials, with 34% belonging to Generation X. The remaining 5% are baby boomers.

Click the photo below to download the full study on the SunFlexibilities program.

 

 


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