Adoption of flexible benefits by employees on the rise: Report

Adoption of flexible benefits by employees on the rise: Report

Organisations across the globe have drifted away from the ‘one size fits all approach’ last year, replacing it with more well-thought and comprehensive benefit strategies, and there has been a significant rise in flexible benefits to provide employees with the power of choice, finds a new report.

Global employee engagement platform Advantage Club in its report on employee benefits trends and outlook for 2023, finds that employee engagement is slated to take the frontline role in steering the future of the workplace – engaging, rewarding, and celebrating employees proactively.

The report captures the global sentiment of employers, with employee benefits becoming a top priority for many organisations, especially in the post-Covid era.

According to the report, more than 90% of employees have 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.

The report also shows that 80% of employees stick to their jobs if they are acknowledged and valued. Further, 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.

In 2023, organisations are gearing up for a competitive talent landscape, efficient cost management and an evolving workforce that values welfare and wellness. “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. As employers look forward to the future, fostering continuous communication with employees is essential to create a lasting culture of inclusivity and mutual trust,” said Smiti Bhatt Deorah, co-founder and COO, Advantage Club.

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Author: Shirley