What is Flexi Benefits ?
The Flexi Benefits Module is a way for Employers to provide additional benefits to their employees, aside from the necessary Expenses an employee can claim. Employees are allocated points, the amount of which are customisable by the admin, as a Benefit Entitlement for a set period of time (such as an year 2022 Entitlement)
Employees can choose from the available selections and claims that admins set up, such as Medical Coverage, Productivity tools, and wellness subscriptions, and spend points on the benefits & claims they value most. This is a module that centres around employee recruitment, engagement and retention.
What are Flexi Benefit Entitlements ?
Entitlement is the total credit amount allocated for an employee's Benefit Selections, that can be set for any desired period, with customisable eligibility. There can only be 1 Active Entitlement in any given time period (eg: Cannot have 2 entitlements running in the calendar year of 2022)
What are Flexi Benefit Selections?
Selections are the specific options within a Benefit that the employee can select. Admins can set up Multiple Benefits to be available to their employees. Admins can customise the eligibility settings for each Benefit . Each Employee can be eligible for multiple Benefits.
Within each Benefit admins can set up the specific options that the employee must Select. Employees can can only choose one Selection within each Benefit. The total sum of points allocated to each Selection of an employee can exceed the total Credit Amount of an Entitlement. Your Employees can spend up to the allocated amount for each selection, up until it reaches the Total Credit amount of their Entitlement.
What are Flexi Benefit Policies?
Flexi Benefits Claim Policies are not tied to any Entitlements. Policies are a different type of benefits that work similarly to Expense Claims. But while Expense claims are more for employees being able to be re-compensated for necessary expenses such as transport fees or meal allowances, Benefits Claims lean more towards additional benefits a company may provide to their employees, such as claims for purchase of productivity-related electronics, or health and well-being related subscriptions such as Gym memberships or mindfulness courses. These Claims can be limited by amount, as well as number of times claimable per cycle.