A survey conducted by Advantage Club revealed the Retention Rates of the company. The survey revealed that the companies experienced a rise in Retention Rates by 45%.
The Survey has revealed the following findings:-
- 70% of companies have implemented flexible wallets to boost employee retention and engagement.
- The study discovered that 75% of companies prioritize employee health and wellness through flexible wallets.
- Additionally, the companies have recorded an astounding 80% increase in health and wellness benefits redemptions, illustrating employees’ proactive approach toward their well-being.
- Additionally, 60% of companies utilize flexible wallets specifically for upskilling.
- 55% of companies are utilizing flexible wallets to assist employees in setting up efficient home offices.
- Moreover, 80% of companies leverage flexible wallets to offer shopping and dining benefits
Sourabh Deorah, Co-Founder & CEO, Advantage Club, shared his insights on the study’s findings, “The escalating interest in flexible wallets as a robust tool for employee retention and engagement is a prominent trend.”
“Companies echo their commitment to employee well-being and individual growth by enabling employees to select benefits”, Sourabh Deorah added.
Sourabh Deorah further added, “Intriguingly, our study indicates that companies offering flexible wallet options report a 45-55% higher employee retention rate.”
The survey was conducted by Advantage Club from January to June 2023. The survey was conducted with over 250 companies. Moreover, more than 1 lakh employees participated in the survey.