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)
How to Set Up Flexi Benefits Entitlement:
On your admin dashboard, head to the left panel.
Click Flexi Benefits > Entitlements.
Click Create Entitlement.
Fill in the required fields. For specific details, refer to the paragraphs below.
Confirm by clicking Confirm.
Click Flexi Benefits > Entitlement.
On the right of the policy, under Status, slide ON.
Confirm by clicking OK to activate the policy. This will allow employees to view this entitlement
What to fill in
Section 1: Policy Information
Key in the name of the Entitlement (ie: 2022 Entitlement)
Select the Cycle Start Date & End Date (ie: 1st Jan 2022 - 31st Dec 2022)
Section 2 : Eligibility
Select Yes, if all employees are eligible for this entitlement.
Select No, and choose the relevant criteria for the group of employees that are allowed to submit a leave request for this policy . For example, you only want Confirmed employees to be eligible; select Confirmed Status and uncheck all except Active box. This allows only employees tagged as Active to have this entitlement
Section 3 : Credits
Same for All
Select Yes, if all employees will receive the same amount
Select No, and choose the relevant criteria to differentiate what employees will receive different amount of credits. For example, if employees of different shift types should receive different amount of credits, check the Shift Type box, and key in the amount of credits Shift employees should receive, and the amount of credits Non-Shift employees should receive.
Dependants - If you allow the entitlement to extend to the employees dependant, check the relevant boxes and key in how many points can be used for dependants if applicable
Section 4 : Pro Rata
Select No, if you do not prorate your entitlement.
Select Yes, if you prorate your entitlement. This means that, for example, every employee is entitled to 1200 credits and your Entitlement cycle is set to 1 January until 31 December, if a new employee joins half way throughout the year, the employee will be entitled to roughly 600 credits for the remainder of the year. The credits are pro-rated on a daily basis.
Section 5 : Selection Deadline
- Set the deadline by which the employees must select their entitlement benefits, as number of days after the entitlement is published, or after new joiner's first day (ie: Employees must make their benefits selection within 30 days of the Entitlement being published, new joiners must make their benefits selection within 20 days of their first day of work)
Note: employees will not be able to make any claims until after the deadline has passed.
Read how to set up flexi-benefits selection Here