5 KEYS TO UNDERSTANDING FLEXIBLE REMUNERATION
Flexible remuneration has become a key to improving the employee experience in a company. After the pandemic, teleworking, flexible working hours and a good working environment have become essential demands for employees, but flexible pay is undoubtedly the most popular request. But, without a doubt, the most requested request is flexible pay. Why is it so important for employees? It is a great advantage for them, as it allows them to enjoy products and services at lower costs than those of the market. What is the advantage for the company? Well, this remuneration in kind does not involve a financial investment for the company.
Employees spend a large part of their day in the workplace, so it is very important that they have certain amenities that allow them to be more productive and improve their experience. How can the company help? Without a doubt, there are many formats, from the traditional restaurant ticket to medical insurance. But, one of the best options are training courses for companies, as your employees will improve their skills.
Flexible remuneration as training not only has advantages for employees, all the skills they can work on in their training will be reflected in their work and, of course, will be reflected in the results.
Remuneration in kind and flexible remuneration – are they the same?
Many people confuse flexible remuneration with remuneration in kind. Obviously, the two concepts go hand in hand, but they are not synonymous. The remuneration offered by a company to its employees, whether in cash or in kind, is what we call flexible pay. So what is remuneration in kind? Well, according to the BOE, we are talking about those remunerations that “constitute income in kind the use, consumption or obtaining, for particular purposes, of goods, rights or services free of charge or for a price lower than the normal market price, even when they do not involve a real expense for the person granting them”.
In short, flexible remuneration encompasses both financial remuneration and remuneration in kind. But are these the only two forms of remuneration that exist? Some speak of emotional remuneration, which includes concepts such as: flexitime, teleworking, compact working hours, afternoons off for personal matters, and so on.
The main keys to flexible remuneration
Implementing a flexible remuneration and benefits plan in a company requires work and effort. It is not enough to offer services to the employee without taking into account their needs or requirements. Not only are the services offered by the company important, but also the platform used, ease of use, communication and, of course, employee training.
- Listen to the employee
Without a doubt, the main key is the personalisation of the plan. What do we mean by this? When designing a remuneration plan, different services should be offered, but this does not mean that all employees will need the same thing. That is why it is important to listen to your employees and let them know what their main needs are. There are many benefits you can offer that are exempt from income tax: restaurant vouchers, transport, childcare, health insurance and, of course, training.
- It should be easy and flexible
In a good flexible remuneration plan, the main task of the company is to offer all its employees the services set out. Once the services are presented, it is up to the employees themselves to define what services each one needs and to see what savings they generate. Keep in mind that if you offer a product that is difficult to sign up for or book, you will generate frustration among employees.
- Know how to communicate the services and benefits offered by flexible remuneration.
It is not enough to send an informative email and forget to follow up. It is very crucial to get the information right. In the case of flexible remuneration as training, employees need to understand that it is a service to improve their skills, both professional and personal. Training for employees is a way to retain and nurture the company’s talent by helping them to grow in their sector.
It is normal for doubts to arise when offering this type of remuneration. It is very important to carry out training to explain correctly what services the company offers and what benefits employees have. Understanding flexible remuneration is the first step for the plan to work and be successful.
- Employee care
Most employees may understand how the services work, but there may still be some specific questions from some employees. It is very important to resolve individual queries and to be able to respond quickly and effectively.
If you want to bet on flexible remuneration as training for your employees, Classgap for Enterprise is a training school with more than 10 years of experience in the sector. We have our “Virtual Classroom” platform through which you can train your employees with all the advantages of face-to-face training, but without having to leave the site.
Don’t hesitate any longer and contact us, training for companies is, without a doubt, one of the best services that companies can offer their employees.