In today’s changing work landscape, employee benefits play a vital role in the success of any company. With technology advancing and the workforce’s needs shifting, there’s been a big change in how we view and use these benefits. This highlights the importance of looking into modern payment solutions to make sure we provide benefits that are not just efficient but also make a real difference to our employees.
The shifting landscape of employee benefits
The landscape of employee benefits has witnessed a dynamic shift, influenced heavily by technological advancements and evolving employee needs. Central to this transformation is the way benefits are accessed and enjoyed. Given that a significant 59% of companies consider employee engagement as the linchpin of their benefits strategy, the mechanics of this access—the payment solutions—merit special attention.
Traditional payment infrastructures come with their fair share of drawbacks. Whether it’s the waiting period that employees must endure before they can utilise their benefits, the intricacies involved in accessing certain perks, or the limitations placed upon where and how these benefits can be redeemed, the pain points are many. This, in turn, can deter employees from maximising their benefits, leading to a decline in perceived value and, consequently, engagement.
Engagement within a company is no longer solely about the quality of benefits on offer. It is intricately linked to how easily they can be accessed. With the application of modern payment innovations, employees find it easier to connect with their benefits. This ease of access doesn’t just enhance immediate job satisfaction; it builds long-term loyalty. An employee who consistently enjoys their benefits becomes more engaged, motivated, and aligned with organisational objectives, leading to a more fulfilled and productive workplace.
Modern payment solutions: enhancing the customer experience
Modern payment solutions, integrated seamlessly into the employee benefits landscape, hold the potential to revolutionise the way benefits are perceived and utilised. Let’s explore these enhancements in detail:
1. Instant issuing
Gone are the days when employees had to navigate bureaucratic mazes or endure seemingly endless waiting periods to access their benefits. Instant issuance makes employees feel part of the team from day one. This rapid access doesn’t just simplify processes; it profoundly underscores the company’s commitment to employee welfare, amplifying the perceived value of the benefits package. Such immediacy lays the foundation for a robust relationship between the employee and the employer, where the latter’s offerings are viewed not merely as perks but as integral elements of the employment contract.
2. Open-loop Payment Infrastructure
With a universal acceptance mechanism, employees benefit from the ease and familiarity of a payment card that operates in the same way as what they are used to. A simple onboarding of new merchants allows businesses to react quickly to the needs of their employees, and only open-loop allows access to e-commerce purchases.
“An open-loop card is a sure way to future-proof your consumer experience for years ahead. The payment schemes provide a large network where it’s really cheap to expand instead of creating and maintaining your own payment network. It’s always evolving, and you are automatically part of that evolution. So, for the merchants, but especially for the consumers, it’s really, really easy to start using it.”
Matti Rusila, Product Director at Enfuce.
3. A Card Always at Hand
With digital-first payment solutions integrating effortlessly into the mobile ecosystem, the benefit card isn’t necessarily just a physical entity that can be forgotten at home or lost. Instead, it’s ever-present, nestled within the employee’s mobile wallet. This level of accessibility ensures that the benefits are always within reach, increasing satisfaction and engagement.
4. E-commerce Enablement
Now less a luxury and more a necessity – people are increasingly turning to online platforms for their shopping needs. By ensuring that their benefits can be accessed on these platforms, companies not only cater to current shopping trends but also open doors to a plethora of new vendor relationships. This diversifies the benefits portfolio, offering employees a richer tapestry of choices.
5. A Familiar User Experience
Cardholders don’t want to find themselves grappling with alien interfaces. Now they can interact with intuitive, user-friendly systems that mirror the digital experiences they’re accustomed to. This familiarity reduces the need for extensive training and simplifies onboarding, ensuring that employees can dive into enjoying their benefits without hesitation.
“It’s a bit bland, you know? Card payment. Everybody knows how to do it, but that’s the really strong point of it also. It’s familiar. Nobody has to think about it. There’s no learning curve. For merchants, there is no complicated method or additional system to manage. It’s like any other card payment. And for the companies who are offering them, it also eases their pain because they don’t need to educate the employees who are using it.”
Matti Rusila, Product Director at Enfuce.
6. All-in-One Card Solution
For consumers, an ideal payment experience is about seamless convenience, and having multiple cards for various benefits is unnecessarily cumbersome. Modern solutions can elegantly converge multiple benefit types onto a single card. This streamlined approach, coupled with the simplicity of having a single PIN, reduces potential points of friction and enhances user experience.
7. Customisation
Ensures that the employee benefits landscape is adaptable and agile. Companies can tailor benefit allocations to suit the diverse needs of their workforce. Be it based on roles, seniority, or unique requirements; modern solutions offer a dynamic canvas. This ensures that every employee, regardless of their position or tenure, feels seen, heard, and valued.
In conclusion
By intertwining modern features with traditional benefits, companies are cultivating a new landscape where employee benefits become ever more tangible and accessible. These enhancements, facilitated by innovative payment solutions, are more than mere procedural streamlining; they’re a transformation of the employee-company relationship. The focus shifts to value, immediacy, and personalisation, creating a benefits strategy that not only meets the needs of the modern workforce but anticipates and evolves with them.
The future of employee benefits transcends the traditional boundaries of what is offered, focusing instead on how it’s delivered. Driven by the need for immediacy, flexibility, and customisation, contemporary payment solutions are more than optional extras; they are essential tools for modern business.
For companies that are keen on fostering engagement, an investment in these seamless payment infrastructures can be the defining factor. As the business landscape continues to change, those who prioritise and innovate in this domain will be the ones to create thriving environments where employees don’t just work but flourish.
The user experience is really in the centre of future proofing a card program, knowing that it works for your customers and trusting that it will also evolve in the coming years. With Enfuce, you can trust that in five years it will be even better and you don’t really have to invest in that. You don’t have to use your own R&D money for that, but you can be certain that it will be cutting edge.
-Matti Rusila, Director of Product at Enfuce
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