What are the fringe benefits you can include in a flexible pay package?
There are very many fringe benefits offered in Belgium. These are the ones that come in the salary package at Payflip:
Since working from home is the standard for Payflip employees, everyone receives a tax-free homework allowance of €137.40 (indexed amount as of April 2022) per month to cover homework expenses such as electricity, internet, a good desk, etc.
By default, each employee receives the maximum amount of meal time vouchers & eco vouchers. For this, we rely on Monizze. Monizze is a Belgian company that offers an excellent service in the field of electronic cheques to SMEs.
In terms of mobility, for the novice levels we offer reimbursement of all commuting and professional travel. For levels above that, we offer the choice between a company car and a mobility budget. We use Lizy to lease the company cars.
To optimize our bonus policy as a young startup, we decided to introduce a wage bonus in the company. The salary bonus is linked to the company's turnover and amounts to a maximum of €3,558 gross per year per employee (net €3,093).
In addition, the software developers, the "creative" team members, within Payflip also receive compensation in copyright rights. For this we have applied for a ruling.
Each employee receives an all-in care package that covers hospitalization and outpatient medical expenses. We purchased this care package from Alan.
Of course, employees also receive the necessary IT-tools such as a laptop and mouse to perform their duties and each employee is entitled to a cell phone subscription from Orange.
Finally, employees are entitled to a number of holiday days, depending on their level. Here we deliberately cross the threshold of the legal minimum of 20 vacation days.
As icing on the salary cake, we have also introduced a cafeteria plan at Payflip.The cafeteria plan allows employees to put together their own pay package. Under such a cafeteria plan, employees are concretely given the opportunity to exchange parts of their "traditional pay" (percentage of monthly gross pay, bonus, year-end bonus, etc.) for another benefit that gives them greater satisfaction.Payflip has chosen to use only the year-end bonus (employer cost) as a budget in the cafeteria plan.
Thus, at Payflip, employees can concretely exchange their thirteenth month ("year-end bonus") for:
To manage this cafeteria plan smoothly, we obviously use our own software. That allows us to let employees make their choices, and communicate them automatically to our payroll provider.
Finally these benefits, employees also get share options on Payflip's capital.To put this in place, we called on the expertise of our colleagues at Cambrian.
Every 6 months, we organize performance reviews at Payflip. In these performance reviews, 3 reviews are done for each employee (and founder):
Specifically, employees (and founders) will review themselves by answering (among others) the following questions:- what important milestones have I achieved since the last review?
This review is also done by a peer (someone the employee works closely with) and a coach (someone who supports the employee to achieve their personal goals). The review is then discussed in a meeting with 3.
Every 6 months, the employee is also given the opportunity to indicate if and why he/she deserves to grow to the next level. This question is also put to the coach/peer.
If the answer is positive, the question is submitted to the founding team, which makes a final decision whether an employee jumps to the next level or not.
