Employee benefits are no longer gems offered by a few forward-thinking companies. In 2019, perks are almost a must-have for any business that wants to attract, retain and maintain the happiness and engagement of its employees.
The variety of possible benefits is sometimes overwhelming. From insurance, through gym memberships, all the way to rewards, there are more choices than can be counted. But picking the right one for your team relies on more than just your company culture and the type of perk your employees are looking for - it’s also about making it accessible for them, making sure you can track how well your new benefit is doing amongst your team, and of course, guaranteeing the easiest admin possible for you.
We know, it’s a lot of boxes to tick. That’s why we wanted to present our answer to the employee benefit debacle - technology.
1. Tech is your employees’ comfort zone
Whether we like it or not, technology is ubiquitous. We rely on our computers and mobile devices for practically everything we do, be it work or play.
So, instead of introducing your team to new, complicated systems they’ve never dealt with before, using the power of tech to slide into their existing life is the simplest way to make sure they interact with the benefits you offer, creating real value on a daily basis.
And when we all have such powerful tools in our pockets, it would be a shame not to integrate them into your company’s benefits scheme.
2. Tech is useful in creating new habits or improving old ones
We know that nudges help us make changes to our lives. But what if these nudges could follow us around, regardless of what we’re doing or where we are?
Taking care of your employees’ wellbeing is a great way to kill two birds with one stone (figuratively, of course): creating a healthier, happier and more productive workforce, while providing a benefit that your employees will value. The best way to make sure these wellbeing changes are meaningful and long-lasting is to use technology to support it.
Let us give you an example. Most of your people already use the step tracker on their mobile, and some of them even use wearable devices to assist them in tracking their step-count. So instead of giving them a gym membership only some of them will make the most of, why not utilise these pieces of technology to encourage them to walk more?
yulife does exactly that. Our wellbeing app integrates with our members’ phones, and rewards them for their steps with gift cards from brands like Amazon or ASOS - all through their mobiles.
3. Tech increases engagement
Obviously, when benefits are accessible through their phones, your employees will be more likely to engage with them than if they had to go through great lengths to reach them. That’s a given. But technology isn’t just about sitting on your team’s phones, waiting to be used - it’s also a way to implement some mechanics that will make engagement fun and rewarding for them. In other words, making your benefit into a game.
The yulife app is built with this in mind. Your people will progress through levels, take challenges and complete streaks - all of which will help them collect ‘yucoin’, the wellbeing currency, which they can then exchange for rewards. We found that tech and gamification increase our levels of engagement by quite a lot: our daily engagement rates are more than triple the market standard.
Every yulife workplace gets its own leaderboard, which incentivises members to compete for number one. Not only does this make employees engage even more, it also creates a sense of community in the office - some of our members can get quite competitive!
4. Tech provides real-time data that will help you track its success
It’s not enough that your people love and engage with your new benefits - you also need to know about it. When your chosen perk is a digital one, your benefit provider is more likely to be data-driven and provide you with the information that you’d need to prove success.
This data can include usage and engagement stats, as well as showing you the exact percentage of your workforce that’s actually using the benefit, making sure you’re not spending money on something your team is just not using.
5. Tech makes admin seamless
As you know too well, employee benefits are not the only thing you’re in charge of in your company. You have too much on your plate at any possible time and you just cannot afford to lose time on pointless admin.
That’s where tech comes in. You can sign up, manage your account and edit your details online, instead of going through the process of filling in forms by hand and then having to - shudder - fax them, praying to the gods of outdated technology that maybe this time the machine will actually work. We know you’re already sold.
Technology has also been a huge factor in disrupting certain markets, making more traditional benefits that your company might already have simpler, cheaper and easier to use. yulife does that with life insurance: you purchase life insurance for your company, all online, and manage it seamlessly through our website. What’s more, your employees will also get our app for the same price, so even if you have a policy in place, yulife will add value to your benefits scheme.
Interested in hearing more about yulife? Click here to book a demo with us.