Advantage Club 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.
The report captures the global sentiment of employers, with employee benefits becoming a top priority for many organizations, especially in the post-covid era. Organizations 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 the launch of its Flexible Benefits program, 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 organizations invest in medical, fitness, financial, and mental wellness.
Similarly, employees who are offered flexible benefits tend to stick to the organization. Employees who are using the Advantage Club platform and have adopted the flexible benefits program 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 customized 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.