Flexible Income Plan: choose your own benefits
Phished recently introduced the Flexible Income Plan for its employees. What exactly is 'FIP' and why is it perfect for a fast-growing company like Phished? Our HR expert explains.
At Phished we take note of our clients' specific needs and wishes, but we take similar care of our co-workers. That is why we recently introduced the Flexible Income Plan (FIP), which our colleagues welcomed with open arms. The perfect excuse to take a closer look at what it is and why they like it so much. Our HR expert gives us a closer look.
How hard is it to attract the right staff for Phished?
"It depends on the vacancy, of course, but it can be quite challenging because we need highly technical individuals like software developers and customer support specialists. Finding this kind of talent in such a small pool can be trialling at times. Non-technical individuals are easier to find, but again, it's really important to attract people with the right attitude: with flexibility and enthusiasm to take on responsibility and to show entrepreneurship in a dynamic environment."
How do you try to make the employees happy?
"On one hand we offer job functions that are challenging and not limiting or defined. You can easily define your own role within Phished and demonstrate entrepreneurship in your job. If you have an idea and there is room and budget, then you can implement it."
"On the other hand, we try to be flexible with the salary and benefits packages. Every employee has specific needs. For example, we have people who prefer higher wages because perhaps they're rebuilding largertheir homes or starting a family. And then there are others who would prefer to have a car. We can capitalise on that thanks to our Flexible Income Plan."
What is the Flexible Income Plan?
"The FIP offers flexible fringe benefits for our employees. This means that the usual fringe benefits like; a car, a mobile phone, a bonus, additional holidays and year-end bonus are calculated in euros. And you can set these euros off against something else. For example, you can use part of your year-end bonus to upgrade your phone. Your year-end bonus would then be lower, but you could get a better smartphone instead of the standard model that we offer."
"It all depends on what you as an employee consider personally important. Your 'shopping budget' is the total amount of the all-in costs of all the fringe benefits, so you always end up with a substantial sum left over. You're free to use that as you wish."
It all depends on what you value as an individual
Why did Phished choose FIP?
"Our company is growing so quickly that we need to keep recruiting and yet the cost of employing staff in our country is increasing and the profitable tax benefits are being abolished. The FIP fits our desire to do something extra for our staff whilst trying to keep the cost of wages manageable."
"The main reason is retention: we want our staff to be happy. Our approach to addressing each individual's needs tells our employees that they are significant to our business. Of course, it's also an additional tool for our recruitment strategy."
What do the employees do with their Phished FIP?
"I don't know if it's a coincidence, but there are a lot of car enthusiasts working at Phished. Thanks to the FIP, they can pimp their cars with extras rather than choosing a more basic model."
"Another plus point is retirement savings. The retirement savings plans that employees privately contribute to, and therefore declare in their annual tax returns, can now be paid via the FIP whilst retaining the tax benefits. And that's a huge hit. But there are lots of great options. You can use extra holiday leave as a wage or shopping budget (again converted to "all-in" costs). And you can spend those pennies however you want.