Adoption of flexible benefits by employees is on the rise: report
Advantage Club, a global employee engagement platform, has recently released a report on employee benefits trends and outlook for 2023. Employee engagement is slated to take the frontline role in steering the future of the workplace – engage, reward, and celebrate the employees proactively.
Advantage Club report captures the global sentiment of employers, with employee benefits becoming a top priority for many organisations, especially in the post-covid era. Organisations across the globe drifted away from the “one size fits all approach” last year, replacing it with more well-thought and comprehensive benefit strategies. A significant rise in FlexBen (flexible) benefits to provide employees with the power of choice was observed in the report by Advantage Club.
Since Advantage Club launched its Flexible Benefits programme, more than 1 million employees have benefitted. As per the report, more than 90% of employees adopted flexible benefits amongst the participating corporates. The report says that some of the most popular employee flexible benefits organisations invest in are medical, fitness, financial, and mental wellness.
Similarly, employees who are offered flexible benefits tend to stick to the organisation. Employees who are using the Advantage Club platform and have adopted the flexible benefits programme have experienced a 90%+ retention rate and, on average, a 35% increase in engagement level. Some other interesting facts have also emerged from the report. It showed that 80% of employees stick to their jobs if they are acknowledged and valued. The report also revealed that the difference between the attrition rate of engaged employees and disengaged employees is between 45% to 55%.
The survey also suggests that ‘First impression’ counts when it comes to a new employee joining the company. Moreover, the survey also established that 80% of employees felt valued when offered customised employee onboarding kits on the day of joining. If the onboarding experience is seamless, it is easier to create a connection with the new employee.
Given the hybrid nature of workplace setup, it is essential to create a bond among employees and strengthen it to achieve good productivity and higher engagement levels. Organisations will pursue the new digital workplace in a hybrid ecosystem by implementing new technologies, sustainable corporate goals, digitisation, automation and flexible benefits, surpassing the physical barriers without compromising employer-employee relations.
A platform like Advantage Club, with 3m users, and 10,000 brand partners with 90%+ redemption rates, has successfully delivered 35% higher engagement for almost 1000 companies. An easy-to-use platform based on three pillars – rewards & recognition, employee communities & inclusion, and gamification & events. In 2023, organisations are gearing up for a competitive talent landscape, efficient cost management and evolving workforce that values welfare and wellness. Albeit challenging, the upcoming year also presents an exciting opportunity for organisations to place themselves as “employers of choice”.
On the release of the report, Smiti Bhatt Deorah, co-founder and COO, Advantage Club said, “Employee engagement has considerably evolved in the last year with flexible benefits ruling the corporate world in a hybrid culture. Employee engagement cannot be a one-time activity but rather an ongoing conversation. Leaders will double down on approaches that can deliver impactful results. After delivering an average of 35%+ higher engagement with 1000+ clients, it is evident that we need to club tech with traditional HR approaches. As employers look forward to the future, fostering continuous communication with employees is essential to create a lasting culture of inclusivity and mutual trust”.
Advantage Club is a global employee engagement platform with benefits like perks, rewards, recognitions, and flexible benefits on a single platform. It provides end-to-end solutions to facilitate employee engagement through exclusive privileges and rewards by brand partners, allowing them to reach out to targeted customer segments. Established in 2016, Advantage Club is a brainchild of UCLA postgraduates Sourabh Deorah and Smiti Bhatt Deorah, who identified employee benefits as a space to create disruption using data mining and analytics. Currently headquartered in Delaware, Advantage Club has an impressive client portfolio featuring Concentrix, Teleperformance, Hexaware, EY, Target, Accenture, BCG, Lafarge, Resort World Sentosa, and many others.