More money, more holidays or other advantages? Every generation has different expectations from their salary package. Discover everything about our new cafeteria plan.
At first: How it all started?
Just like any other company today, we are confronted with lots of different needs within our company. If we want to make it simple, there are two categories. Those who need more holidays and those who want to have more money.
In the last years, we had more and more questions from the employees about the possibility to convert a part of their salary into extra holidays or the other way around, convert their seniority days into money…
We also know that within our company we face 3 different generations, the ones called “X” (1965-1980), the ones called “Y” (1981-1995) and the ones called “Z” (1996-2012). Each generation has their own needs and expectations.
By the beginning of this year, we realized that we definitively got to the point where we can’t make everybody happy with the same package. That is why we started looking for a way to personalize the salary package. It was an interesting journey. Our colleagues needed to be in the center of this, since we wanted to give them more power of decision on what is most important to them.
The different steps to the launch…
The search for a partner
Therefore, in April we got in touch with several potential partners. We realized the launch of a flex income plan just cannot be done without the legal and technical support of such a partner.
We met three different partners and choose to work with SD WORX because they seem to be a reliable partner and they are a pioneer in this matter. Because a flex income plan has to be legally framed, we worked together with their legal counsels over the summer to work on that part.
During the fall, we worked together with their technical teams to set up the web platform. In November we could start our info sessions for our employees.
The 6th of December was our D-day. On the day of the Saint-Nicolas, everyone received the information to log in to check out our new flex income plan system. The official launch will be on the first of January, but this way everyone can have a look at the platform, grasp the look and feel and check the content on it.
So in short, on the first of January, all our employees will be able to make choices to convert a part of their salary into other benefits.
What is the philosophy behind?
The philosophy of the project is to give as much flexibility to our collaborators as possible. That is why the flex income plan will be opened continuously. That means that someone can choose something in January, something else in March and furthermore throughout the year as long as he or she has a budget for it.
A unique plan
This is quite new and unique because most flex plans are not opened continuously. Having it open year-round, will give us more work. It is the main reason why the large majority of companies who have a flex income plan only open it 1 or 2 times a year.
But then again, since the purpose of the project is to give more flexibility to our collaborators, we think that a continuous opening is the best answer for their needs. We are among the 10 first customers of SD WORX out of 150 customers who have a continuous flex income plan.
Who pays what?
EASI took also the decision to support the whole cost of the project. This means that our collaborators will have the maximum possible amount added to their budget in the plan. When we work with such a plan, it means we work on an « employer cost budget », something well known by managers who have to make a budget and forecasts on a regular basis.
Another advantage of the plan is that it allows the employees to be more aware of their real cost to the company. They will also be able to use this full cost to make their choice within the plan. We learned from previous contacts that it is possible to keep a part of this budget, a part of the employer charges to help to pay the plan. Even if it would slightly reduce our cost, we decided not to go that way.
What will the future bring?
We start with 6 advantages and plan to extend it in the following years. This project has big consequences for our organization. For the moment we speak about 30% extra work for our HR team. This project is seen as an important financial investment for the company. We believe that it is an effort worth making.
We are used to not counting our efforts if it brings more satisfaction to our collaborators. We believe that having the possibility to tailor a part of your salary package can bring more satisfaction and well-being to our people. Let’s see by the end of 2020 how it was perceived by the employees.
Most used advantages
Source : SD WORX