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Introducing Flex
There is no 'right' approach to introducing flex. A number of key factors including budgets, recruitment and retention needs, and the desire to control data by keeping administration in-house rather than outsourcing, influence the speed at which different organisations move towards greater flexibility.
Our approach to implementing flex typically includes the following phases:
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The Importance of Communication
Much of the success of the flexible benefits plan depends on an appropriate communication strategy. It is vital to ensure that each employee group receives clear and consistent messages and that nobody feels left out. We work with our clients to ensure that the most appropriate media are used to meet business requirements.
The communication strategy is much more than simply developing a booklet. It is important that employees' expectations are managed and that flex is successful in changing or reinforcing employees' perceptions about the organisation. The new package will therefore need to be marketed as much as communicated.
Typically, we work with clients to develop their communication strategy and support them in the following:
- Agreeing communications objectives and measures for success.
- Assessing specific communication requirements (by location or employee group) which might determine media channels and timings.
- Ensuring that communication is integrated with other initiatives to deliver
a consistent message in a streamlined manner.
- Developing a range of tools to build awareness and manage expectations.
- Assisting in drafting communication materials.
- Developing the brand / identity.
- Monitoring the success of the programme and modifying the strategy as appropriate.
- Developing an ongoing marketing / communication strategy to ensure continued interest in the flex programme.
Administering Flex
The key to delivering a successful flexible benefits programme is in the effective use of technology and in ensuring that everything that can be automated, is automated. Essentially, administering flex is all about transferring data between employees, the administration system, HR systems and external benefit providers.
Technology is having a major impact on the delivery of flexible benefits through
the growing use of web-based applications which are leading to increased member
self-service. The continued pressure to minimise/reduce costs while maintaining
consistent quality and service standards will inevitably lead to an acceleration
in the use of member self-service and end-to-end automation, to reduce transactional
costs and ultimately overall costs. From a member’s perspective, being able
to access details of their flexible benefits from different locations (e.g.
work/home) outside standard business hours is a distinct advantage and is becoming
a ‘must have’ facility. It can also raise the profile of the benefits being
provided by the organisation, leading to increased employee satisfaction.
There are a number of considerations around how the flex plan should be delivered. Whether to take the administration in-house or to outsource all or some of the administration function to a third-party provider is a key decision. It is worth noting that some organisations decide to outsource their administration for the first year, taking it in-house thereafter. In terms of selecting the most appropriate provider, we offer a vendor selection service to help clients identify the administration solution which best meets their requirements.
As well as offering a vendor selection service Watson Wyatt also provides its
own third-party administration services. Our outsourced flex administration
service (e-flex) is provided by our Benefits administration practice based on
software provided by our partners Vebnet.
The key advantages of this system
are:
- Global access and intuitive web-based enrolment
- Fast and efficient system implementation and maintenance
- Secure and painless data exchange
- Easy to adapt for corporate branding
- Flexible to cope with future change.
e-flex enables us to set up and administer benefit designs without the need for core system customisation. This means that the initial set-up and any subsequent changes can be achieved quickly and at minimal cost.
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Total reward and flexible benefits implementation