'The number of employees who use a cafeteria plan to make their salaries more flexible has increased by half in one year', was the headline of De Tijd in March 2019. This was the conclusion of a study by SD Worx, the largest player in the field of cafeteria plans. However, Partena Professional recently reflected that companies are still insufficiently using creative possibilities to remunerate employees.
Through the so-called 'cafeteria plans', employees can decide for themselves how they want to put together their salary package. The possibilities are very broad: more holidays, insurance for family members, warrants, etc. Moreover, the choice made by the employee may turn out to be fiscally advantageous. For a company, it is interesting because with an individualised salary package, it can present itself as an attractive employer. Today, this is necessary - especially for SMEs - in order to retain a winning team or attract talented new people.
The question is then why even the simplest forms of wage optimisation are still underused, despite a real rise in popularity in recent years. Still 74 percent of the companies do not add meal vouchers and 66 percent of the companies do not add eco vouchers to the reward package, according to Partena Professional. In 80 percent of the companies, no group insurance is even offered.
Many companies are simply not informed enough about the possibilities that exist in the field of 'smart rewards'. Nor do employees have a clear picture of the benefits that come with a smart reward strategy. Employers would do well, therefore, to develop a well thought-out reward strategy and to provide their employees with an annual overview of the benefits they receive in this context. Wage optimisation is also an interesting option for start-ups with young, talented employees.
In its next blog post, Payflip lists 8 creative ways to be rewarded. Mandatory reading for employers, but also for proactive employees who want to give their employers ideas.
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