In today’s challenging business environment, companies that can retain their top talent gain a competitive edge. With professionals changing their jobs frequently becoming a norm, employers need to prioritize employee experience. According to a Moneycontrol report, 15-18 months is now the new long-term for individuals. Earlier, staying in an organization for over 5 years was typical. But this shift in workplace culture is now an accepted fact. The onus is on the employers to eliminate the reasons which prompt their workforce to quit. One of the primary reasons is that employees are looking beyond their salaries for a better work-life balance. This is where employee flexi-benefits come into picture. Companies can package these benefits within a single tool through a multi-wallet card. It streamlines benefit management and also eliminates the hassle of using the multiple benefits.
In this blog, we will learn what multi-wallet cards are and their importance in helping businesses retain their key talent across teams.
Multi-Wallet Cards for Employee Flexi-Benefits
An Employee flexi benefits program is a scheme where employers allow their team to pick and choose the benefits they want as a part of their compensation package. These benefits include tax-free allowances for food, fuel, transport, travel, and so on. However, allotting these allowances and utilizing them is a challenge for employers and employees respectively. This challenge can be avoided through a powerful multi-purpose card like the Zaggle SAVE multi-wallet card.
A multi-wallet card facilitates employees to access their benefits package from a single place. It integrates all the benefits onto a single platform bringing in convenience and efficiency. Some of the primary features of a multi-wallet card are,
- Payments Option: It functions as a dynamic tool that employees can use to make purchases in both online and offline stores just like their debit cards.
- Exclusive Discounts: Employers can activate any exclusive discounts or offers for their workforce through partnerships with retailers, restaurants, and cafes.
- Tax-free Allowance: A multi-wallet card can turn into a meals card when employees want to buy food products, fuel card to purchase fuel, and so on.
- Employee Wellbeing: It can be used to provide wellness programs like gym memberships, yoga retreats, and health counselling.
- Rewards Points: It also presents an option for employees to collect, manage, and utilize their rewards points or other benefits accrued using the card.
Now that you understand what a multi-wallet card entails, let’s take a look at the different ways that companies can use multi-wallet cards to improve their employee attrition rate.
Retaining Top Talent Using a Multi-Wallet Card
Employees want to feel valued at the workplace, and this goes for their payslips aswell. An Employee flexi benefits program goes a long way in providing that employee satisfaction. It is infact a brilliant opportunity for small and medium sized businesses. Companies that can’t afford bloated paychecks can retain their employees through well-crafted and flexible benefits offered through multi-wallet cards. Let’s see how.
Offer Better Flexibility and Personalization
Multi-wallet cards give you a chance to put your employees in control of their funds, and divide them across expense categories as per their needs. In addition to making their salary structure attractive, this flexibility will allow them to personalize the compensation. Ultimately, it leads to an employee-centric culture, which improves your retention rate.
Make Benefits Utilization Easy
A benefit that is tough to use is not a benefit. Most organizations end up providing different vouchers or cards to utilize their allowances. It creates a feeling of restriction and frustrates your employees. An employee benefits platform like Zaggle SAVE allows you to consolidate a diverse group of benefits onto a single card. It automates administrative tasks like fund allocation, and sets rules. For employees, a single, multi-wallet card will eliminate the complexity of managing multiple cards.
Optimize Tax Liabilities
One significant selling-point for flexi benefits is the tax breaks. Employers can help their workforce reduce their tax liabilities by designing an optimal allowance plan. By prioritizing tax-advantaged categories, employers can increase take-home salary. This proactive support will improve employee satisfaction building loyalty with employers.
Enable Financial Wellness
Multi-wallet cards like the one provided by Zaggle SAVE come packaged with financial wellness tools like budget planner and expense trackers. These tools provide added support to employees to maintain a healthy financial record of their expenses.
Enhanced Work-Life Balance
Offering a variety of benefits through a multi-wallet card, you allow employees to enhance their lifestyle. With money categorized to spend on a specific category, they can make purchases without any worry. For example, they can leverage wellness allowance to destress and get back to work recharged. This comprehensive approach plays a critical role in improving employee retention.
Pick the Best Option with Zaggle Multi-Wallet Card
Although there are multiple employee benefits solutions that offer digital cards, you will need a platform that integrates with your processes seamlessly. This is why we recommend Zaggle SAVE. It not only simplifies flexi benefits management for employers, but also provides a powerful multi-wallet card that works just like your debit card. Its extensive list of features accommodates any number of benefits. Some of its core features are discussed below.
- Mobile Application: It comes with a mobile app, which helps you manage your funds, make payments, and keep a track of your expenses. Employers can load additional funds into cards on the go.
- Convenience: It works just like your debit or credit card, which means you can use it across merchant stores and ecommerce websites.
- Data-Driven Management: Employers can evaluate how the benefits are being utilized, and use those insights to improve the benefits program.
- Banking Function: Just like your banks, the Zaggle SAVE multi-wallet card provides you with the details of your transactions, statements and balances.
With the Zaggle SAVE multi-wallet card, employers can enhance the perceived value of the overall compensation.
Get in touch with us today to gain competitive advantage with Zaggle SAVE.
