Internal market for leave and other benefits

[Paul Belford]

The lastest job advert from one of the consultancies suggests that they operate in internal market for leave and other benefits.

http://www.bajr.org/employment/ukemploym...sp?id=5066

"Permanent salaried employees have the facility to consider their benefit entitlements and also to take up to 20% of their salary to ?flex? their reward package to suit their needs. This includes the ability to "buy" or "sell" up to five days annual leave per year, purchase retail vouchers, childcare vouchers, health screening, dental insurance, travel insurance etc."

This seems to be the case even though this is a relatively junior position. I was wondering if this sort of internal market was commonplace in the consultancy sector and whether any BAJR-ites had experience of this kind of thing and whether it was good or bad.

[voice of reason]

increasingly consultancies beyond archaeology in the environmental sector (and presumably beyond) seem to be offering an overall package, rather than fixed salary with employer's pension contributions so you can choose whether to put into pension, healthcare, gym membership etc, or just spend it all as cash down the pub or chipshop. My view is that they wouldn't be doing it if it wasn't in their financial interest rather than the employees, but I'm just an old cynic with old-fashioned views.

[kevin wooldridge]

quote:Originally posted by Paul BelfordI was wondering if this sort of internal market was commonplace in the consultancy sector and whether any BAJR-ites had experience of this kind of thing and whether it was good or bad.

Not just in the private sector. I have worked for a local government employer that allowed staff to accumulate hours in lieu of leave or possible short term lay-offs (an extension in effect of the long established local authority flexitime scheme). At least one employee used to use this facility to take November and December off every year to run a small seasonal business he had set up. And of course many local authorities have job-share or reduced hour schemes, which allow employees to deal with family exigiences.

I am rather surprised that this ad suggests nearly all 'perks' have a price. Many consultancies I know of would throw in all of these perks gratis, along with a reasonable salary and an even more generous leave entitlement

[Illuminated]

I think any employer / employee relationship giving the employee choice and control is a good thing. This sort of package is only in the financial interest of those employers who want a skilled, experienced and motivated workforce. An employer offering decent benefits can pick the best from a wide field of applicants specifically attracted to apply by the better than average renumeration package.

[Fishslice]

"At least one employee used to use this facility to take November and December off every year to run a small seasonal business he had set up". And of course many local authorities have job-share or reduced hour schemes, which allow employees to deal with family exigiences.

Seasonal business in November and December every year?

Rotund, bearded man was he?

[Paul Belford]

It was the buying and selling of leave which specifically interested me. Speaking as someone who rarely has time to take all their annual leave and usually loses several days at the end of the year, this had great appeal!

A pension would be nice, though.

[teamonster]

It seems that most of the consultancies are offering this sort of flexible benefits scheme. Our company has something very similar. There are a few benefits such as car allowance and family cover on the health insurance, that don't kick in until you reach higher levels, but on the whole most of the benefits are available. With our scheme though you have to decide in December what your options are for the following year - you can't suddenly decide you want to buy more holiday in August - unless you have a major change in lifestyle like having kids, getting married etc.

Overall its a good to have the flexibility, but I wouldn't change jobs for it!

It's worth just remembering though that you do pay for all of them - by the time you buy extra days off, travel insurance, childcare vouchers etc. your take-home cash starts to dwindle quickly!!

[Curator Kid]

These are all the sorts of benefits and extras that Local Authorities offer their staff too. They seem to think that they might make up for the shoddy treatment they dish out the rest of the year.

[Soils]

Staff benifits of this kind are not new or unique.
I think we as archaeologist often forget how badly we can be treated in the commercial world.
I work for a company that gives all its staff flexi time. we can have two days a month off, if we have accumilated enough hours, and can carry two days over to the following month. Also all out of office work comes with either a hire car and petrol or a decent pence per mile car allowence, out of office money and over-night expensise, enough to cover single occupancy accomidation and a meal. Pension either employer and employee contribution or employee contribution.
This is not special or rare privalidge as there are many jobs out there that provide this to there staff, it just seems that archaeolocial contractors are to focused on undercutting each other that they do not provide these almost standard job entiltments to there staff, as they don't have enough resourses to implement these policys.

[1man1desk]

I work for a consultancy that has a flexible benefits system of this kind.

In relation to leave, you can 'buy' up to 5 days extra leave through reduced salary, or 'sell' up to 3 days leave for extra salary. You have to make the choices by a fixed date each year.

There are a number of other benefits that you can buy through salary sacrifice, including insurance (life, critical illness, travel); child-care vouchers; etc.

One advantage of doing this is that the salary deductions are made before tax - so you end up paying less tax.

I think it is an excellent system.

1man1desk

to let, fully furnished