Thank you for the integration with insurance. Thank you for the Coverflex card, which combines insurance, meal card, flexible benefits and discounts on so many services. Thank you for the childcare and education vouchers. Thank you for the Saving and Retirement Plans. But I also want to give my employees an amount for them to furnish their home office! And I want to tell them that they can spend up to a certain amount per year on training. And I want them to have a certain amount per year to spend on team building activities".
This is the feedback we have recently received from many of our customers. Our solution simplifies many aspects of compensation but there is a whole world beyond flexible benefits. With this in mind, we developed a new feature: budgets.
Inspired by our own compensation and benefits policy, this feature allows our customers to create completely customised budgets, so they can adapt them to their employees.
What are budgets?
Budgets are amounts that can be allocated to employees, who can use them for specific services or purchases. These amounts can be allocated one time, or on a monthly or annual basis. Too vague? Maybe some examples will help. In our case, we have three budgets for employees:
Through the onboarding budget, each Coverflexer is assigned an amount to equip their home office when they arrive in Coverflex. With the remote work budget, all Coverflexers have an annual fee that they can use to work from anywhere. And the personal development budget, also annual, can be used for training, books and coaching sessions, among other services or purchases that serve the purpose.
How customisable are they?
Unlike the benefits that are tax exempt (or partially tax exempt), which interface is defined by Coverflex, the way budgets show to employees are completely defined by the company. The first step when creating a budget is to choose a name, write a description, so that the employee knows the purpose of the budget, and - most importantly - choose an icon.
That said, the second step is to define how often the budget will be allocated (one-off, monthly or annually), when it starts and when/if it ends. It is also possible to define whether the remaining balances carry over from one attribution to the next - for example, if they do carry over, if an employee has 15€ of the 25€ left over from the January remote work budget, the balance at the beginning of February will be 40€.
The third step is to define how much and who. The same amount for all employees? The same amount for some employees only? Different amount for each employee or different amount for some of them? The choice is up to the company. There is total flexibility.
Finally, all there is left to do it click on “confirm” and… that's it! The day it starts, the budget is visible to employees and they can start submitting their refunds immediately.
How can budgets be used?
After being active, the budgets appear on the employee's side according to what was set up by the company.
The reimbursement process is similar to that for benefits. However, there is a small difference: when it comes to budgets, all balances allocated are merely an indication, and all refunds are made through the company's Coverflex account - the company just needs to ensure that they have sufficient funds in their account before approving the refund.
I can't find the budgets feature in my app. What's going on?
This is a premium feature, which means it has an associated cost. If you would like to start using it, just contact your Customer Success representative or send an email to [email protected].