Personalized Benefits Approach Aids 45% higher Organizational Retention: Study Report
Surprisingly, the study addresses a major issue that plagues most businesses: underutilization of rewards and perks. This common issue of inadequate reward utilization has frequently been connected to poor staff retention.
Personalized Benefits Approach Aids 45% higher Organizational Retention: Study Report
According to a study conducted by Advantage Club from January to June 2023 with 250+ organizations and more than one employee, 70% of companies have utilized flexible wallets to increase employee retention and engagement.
Surprisingly, the study addresses a major issue that plagues most businesses: underutilization of rewards and perks. This common issue of inadequate reward utilization has frequently been connected to poor staff retention.
While many businesses struggle with poor benefit use rates of 40% to 50%, flexible wallets stand out as an exception, with a remarkable high utilization rate of more than 90%. This considerable rise is a clear evidence of effectiveness in generating increased employee engagement, which eventually leads to higher retention.
Flexible wallets, according to the report, have evolved into a full solution, allowing employees to personalize benefits based on individual requirements and preferences. Companies have seen a 45 percent improvement in staff retention rates as a result of this targeted approach.
Furthermore, the report revealed that 75% of businesses encourage employee health and wellness by providing flexible wallets. The companies have seen an incredible 80 percent surge in the redemption of health and wellness benefits.
Furthermore, 60 percent of businesses use flexible wallets specifically for upskilling. Employees’ commitment to continuous professional advancement has been shown by a strong 80 percent increase in wallet redemptions in the companies’ learning and development platform.
With the increasing popularity of remote working, 50% of businesses are utilizing flexible wallets to aid employees in setting up productive home offices. Data demonstrated a significant 85 percent redemption rate for remote work necessary, emphasizing the significance of a comfortable work environment.
Furthermore, 80% of businesses use flexible wallet to provide shopping and dining incentives. Companies that have implemented this technique have seen a phenomenal 95 percent redemption rate, indicating strong employer engagement with these individualized benefits.
“The escalating interest in flexible wallets as a robust tool for employee retention and engagement is a prominent trend,” Sourabh Deorah, Co-Founder & CEO, Advantage Club, said while discussing the study’s findings. Companies demonstrate their dedication to employee well-being and personal growth by allowing employees to choose their benefits. Intriguingly, our research shows that firms who offer flexible wallet alternatives have a 45-55% greater employee retention rate.
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