Flexible Reward Plan
The current situation on the labor market is clear: if companies want to keep their best employees on board, the work regime and the pay system must be made flexible and the needs and wishes of employees must be taken into account.
For that reason, many employers have implemented flexible remuneration systems, so-called 'Flexible Reward Plan'. Loyens & Loeff responds to this by putting together a wage package in collaboration with you, which is in line with the wishes of your employees and at the same time ensures that the process is simplified and you do not generate any extra work.
Why has a Flexible Reward Plan been developed?
The Flexible Reward Plan originated from the concern that every generation has different needs when it comes to their remuneration package. Generation Y wants purchasing power to buy an apartment or house, young parents opt for a number of additional holidays or a larger company car and older employees want to secure the 'old age'.
It is from this existing concern that the Minister of Employment and Labour has also taken action and has developed a broader vision of workable and agile work and flexibility. It is the Government's intention to let employees determine their own careers, for example through the system of time savings and through the system of giving away holidays to colleagues with sick children.
What are the advantages of a Flexible Reward Plan for your organization?
- Being able to offer a Flexible Reward Plan has a positive influence on your employer branding and on attracting 'young potentials'
- In order to better respond to the needs of your employees, it is more likely that you will retain your 'high potentials'
- A flexible remuneration package is cost-efficient
- A Flexible Reward Plan gives you a better view of a career development
Experience of a satisfied client
The Employment & Benefits team of Loyens & Loeff has developed a new and sustainable remuneration model for managers and senior management for a financial institution in Belgium. This remuneration model is based on various pillars: employment law, pensions, corporate tax, VAT, compensation & benefits and contractual law.
The central question of the client was clear and concrete: retaining the best employees and attracting new employees. The remuneration plan that was developed had as objectives: employability, sustainability and staying focused. Here, special attention was paid to:
- Career planning
- Simplification of remuneration policy
- Harmonisation reward statuses
- Cost reduction
The output of the Employment & Benefits team consisted of the legal advice from the negotiations with the authorities and the development and implementation of the documents and all roll-out material.
By working with us, the client has been able to save costs, especially in the field of social security, and together we have been able to launch an innovative and groundbreaking Flexible Reward Plan.
We are happy to discuss with you how we can develop a suitable remuneration model for your employees together with you.
Trends Legal Awards
For the second year in a row, the Loyens & Loeff Employment & Benefits Team was awarded the Trends Legal Award in 2017 in the category of 'Best law firm in social law'. A reason often heard for the award is the remuneration system developed by Loyens & Loeff for BNP Paribas Fortis, which also served as inspiration for the Government's 'Workable Work' policy.
"The efficient and practical approach of the team is not seen much," says an HR manager. "Loyens & Loeff keeps us permanently informed of new trends in labor, social security and tax law, and the direct implication for our own personnel policy is raised and advised before the problems occur.”
KrisDe SchutterAttorney at law Partner
Kris De Schutter is a partner in our office in Brussels and member of Loyens & Loeff’s Employment & Benefits Practice Group. He has significant experience in remuneration and change processes.T: +32 2 700 10 13 E: email@example.com