Numerous domestic and international companies, in order to attract, motivate, and retain employees, offer them additional benefits and privileges alongside the basic compensation package. In the Serbian market, these benefits primarily include voluntary health insurance, gym membership, education budget, parking space, various loyalty programs, and similar offerings. The benefits currently available in companies are based on the principle of one size fits all and generally relate to the same benefits offer for all employees. The question that arises is—can all employees be equally satisfied with the provided benefits in this way? Is it possible for an identical benefits offer to meet the desires and needs of all employees? Is the company budget being spent in the best possible way in this manner?
Global Trends
Global trends have shown that not only is it desirable but also a necessary requirement for the personalization of benefits. According to a recent study conducted in Serbia by the platform Benefiti.app in September 2020, involving a sample of 204 employees and 109 HR professionals, the key findings indicate that although companies invest significant resources in employee benefits (7.69% of gross salary), the benefits are not tailored to employee needs—75.1% of employees stated that they do not participate in the selection of benefits, and 30.5% indicated that they do not have a clear picture of which benefits are actually offered by the company they work for. The underutilization of benefits represents an additional cost for the company—only 41.8% of employees say they fully utilize the available benefits (in other words, almost 60% of employees fail to make full use of them). On top of this, 81.1% of the surveyed HR professionals stated that they do not have a systematic approach to measuring the effects of benefits, or their actual impact on engagement, satisfaction, motivation, and employee retention.
The Challenge of Personalized Benefits
Faced with all these questions and challenges, we concluded that a large number of companies in our region are aware of the need for the personalization of benefits and are searching for solutions to this problem. In the current setup, the personalization of benefits would definitely require additional company resources. However, what if there is already an automated solution for personalizing benefits?
Platform Benefiti.app
Platform Benefiti.app is a Marketplace-as-a-Service, allowing companies to provide their employees the opportunity to independently choose a combination of benefits that suits them best from the widest possible range (over 100 benefits) within a predefined budget on a monthly basis.
The platform offers companies several key values:
- Time and cost savings – the platform fully digitalizes and automates the process of providing benefits, where the client company no longer deals with procurement, negotiations, payments, logistics, and administration of benefit delivery with each provider separately; all of them are already available with their services and prices that are more favorable than market rates.
- Legal and tax security - for each of the benefits available on the platform, the appropriate tax rate has been pre-calculated, automatically adjusted to the individual employee, all in accordance with the applicable tax regulations in the Republic of Serbia.
- One-stop-shop concept - the total value of benefits will be calculated and paid through a single invoice, which cannot exceed the maximum budget set in advance by the client.
- Satisfied and engaged employees – throughout the process, employees are key, as they are given the opportunity for choice and personalization in a simple manner. The focus is on those categories of benefits that have proven to have the most positive impact on employees, namely: health, family, professional development and career, and mobility.
In their development journey, Benefiti.app has formed strategic partnerships with ManpowerGroup and Assert, leaders in the domestic market for providing consulting services in the HR domain, as well as with the consulting company Confida, which operates in the field of tax consulting and auditing, ensuring complete compliance of employee benefits with tax regulations.
For more information, visit benefiti.rs or write to us at info@benefiti.rs and schedule your demo session today!
