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backGLOBALtalk July, 2012
Flexible Benefits: An Effective Prescription in China
Since its first appearance in the 1970s, flexible benefits (flex) have become a common benefits element in western countries. Flex is a benefit program that provides a variety of supplemental benefit options to employees based on a predetermined budget. A typical flex program usually includes healthcare and insurance for employees and their families, pension/savings, and work-life benefits such as gym membership, travel benefits, and a flexible spending account. In China and many Asian countries, flex is a recent emergence that has quickly gained the attention and favor of many companies.
Companies most attracted to flex are multinational firms in leading industries (such as pharmaceutical, auto, hi-tech, FMCG, etc.) with large workforce populations and relatively comprehensive pay and benefit systems. All are experiencing the fierce war for talent. To further enhance their employer value proposition and boost recognition of their employee benefits as a way to attract and retain talent, these organizations began to look to flex as a solution.
According to the chart below, about 9.4% of the multinational companies operating in China have already implemented or are currently implementing flex, 17% of the companies have plans to implement flex shortly, and 63% are considering flex.
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Source: AON - GAI
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