×
First-time login tip: If you're a REBA Member, you'll need to reset your password the first time you login.
01 Sep 2021

How employee benefits technology can drive better retention rates

Employee benefits technology is commonplace, yielding many benefits for organisations, not least boosting employee morale and productivity levels and creating a culture all employees feel part of. Two technologies widely used among organisations of all sizes are employee discount and voluntary benefits platforms, and reward and recognition platforms.

 

79A9-1630408137_shutterstock_350473148.jpeg

 

These programmes should be tailored to each individual business – each organisation has its own set of values and core behaviours, especially when it comes to employee retention. Technologies should constantly evolve and adapt to the ever-changing corporate landscape, and in turn grow with the company and its employees.

Adding value to the bottom line is forefront of organisations’ decision-making process when they implement new processes and schemes which are costly and require additional resources. It may be easy to quantify certain new programmes. But at other times, what is being measured may be somewhat intangible, making it difficult to fully evaluate its worth. Feeling acknowledged and recognised, job satisfaction and motivation levels and thereafter, retention rates, are hard to attribute to a definitive figure – they extend deeper than the surface level.

This is where benefits technologies come in. Here are four ways employee benefits technologies drive better retention.

1. They enable the recruitment and retention of top talent
In today's saturated market, employees (both current and potential) have the ability to look around for the best possible benefits packages  available. Employers need to offer something that will stand out from their competitors, be it a competitive salary, a top-class employee benefits and recognition package or (preferably) both. Employees want to feel looked after and that they are being offered something which matches what they'll be bringing to the team, which in turn will encourage them to stay put.

Recruitment is very costly: from interviewing, hiring, training and lost productivity. For example, for entry level employees, it costs 30%-50% of their annual salary to replace them, for mid-level employees, it can cost upwards of 150% and for high-level employees, it can be up to 400%.

A comprehensive employee benefits platform / technology has the potential to work as a powerful staff retention strategy, and catapult an organisation forward by offering everyday savings and perks as well as value-added benefits. If an employee can save money every time they do their grocery shop, go to the cinema or book an exclusive holiday package, they are sure to be more engaged and motivated in their role and the wider organisation as a whole.

2. They promote wellbeing
Ensuring your teams are physically, emotionally and financially healthy can make your company stand out. Offering a wide variety of wellbeing discounts to your team shows that you care about them beyond just their day-to-day role. Once employees feel valued, they are more likely to remain loyal and retention rates will soar. Employees will most certainly feel a sense of belonging knowing their employer wants them to be healthy, safe and happy. And a healthy employee will bring a healthy attitude to the workplace.

3. They boost morale
There’s nothing more rewarding for organisational management and leadership teams to see happy, engaged and motivated teams of employees raring to go. Positivity and motivation in the workplace are contagious and can have a domino effect. However, the opposite is true too; when an employee feels engaged and looked after, they are more likely to go the extra mile.

Having employee benefits technologies in place can be the catalyst for this. Offering lifestyle benefits will yield healthier employees who love their company. Helping employees make savings in areas they would typically spend money on can be a fantastic staff retention strategy, helping to boost engagement by showing you truly care about your employees’ holistic wellbeing.

4. Feel recognised and acknowledged
A well designed and implemented reward and recognition technology scheme can help improve employee retention within an organisation. Roles with a higher retention rate often point to happier and more satisfied employees. Once the correct quality of candidate is hired, the key is to retain them. High retention is a solid testament to how good it is to be a part of the company, as well as rewards the company with a positive and attractive reputation.

All of us (employers and employees alike) need recognition, recognition that a job has been done well, or a simple thank you. The ramifications of this are huge, where commitment, motivation and retention can soar. Whether you decide to recognise and reward informally, or by implementing a full-scale reward and recognition programme, this is an area where time and efforts should be allocated.

This article is provided by Xexec.

In partnership with Xexec

Xexec is the UK's leading Reward and Recognition and Employee Benefits provider.

Contact us today