Global employee engagement platform Advantage Club has launched the Wellness FlexBen Program for corporates, enabling them to provide customised benefits to employees with selective usage options.
The program is a custom-curated flexible benefits wallet that allows employees to redeem points that are allocated by the corporates on brands in categories like medical wellness, fitness, financial wellness and mental wellness among others.
FlexBen stands for flexible benefits. Historically, companies used to give membership to specific gym chains or arrange health checkups or doctor consultations but the one size fits all approach does not work today and engagement for such benefits often ends up being low. Flexible programs provide employees with the power of choice while ensuring that the compliance of spend is maintained.
The concept of Flexben is getting extended in other use cases like learning and development, paid time off exchanges, family benefits including parental insurance.
“Many organisations are now looking at options to provide greater flexibility around employee benefits. A well-thought flexible benefits program has proven to be an effective factor for increasing employee engagement, higher productivity, and performance. It also facilitates in attaining an improved organisational culture, and a strengthened employer brand. With the possibility of achieving such impactful results, the rise of flexible benefits over traditional benefits is expected in the coming years,” said Smiti Bhatt Deorah, co-founder and COO, Advantage Club.
In recent years, flexible benefits programs have garnered much attention among employers and employees. From an employee’s perspective, it makes them feel special that the organisation they are working for has provided such curated benefits for their well-being.
Whereas employers don't have to struggle to create an ideal plan to appease every employee when offering flexible benefits. Instead, they can empower employees to make the decision by themselves, ensuring that they receive the benefits that will best serve their needs in terms of health, finances, and personal and professional goals.
Since its launch, Advantage Club claims to have helped more than 1 million employees with its flexible benefits program. The company plans to grow it further by 200% by the end of 2022, the company said in a statement.