Best Budget for Your Employee ProgramsMay 2, 2018
Espresa has figured out the formula for participation in employee programs. Whether your goal is to maximize your employee engagement or to offer an opportunity for employees to join together, there are several options for funding your employee programs and each option will yield a different result.
The key thing to analyze is the balance between participation goals and your budget. If you’re aiming to have nearly all your staff participate, allowances offer the best option for achieving that goal in the first several months. If your budget doesn’t allow for $100 per employee per month, you can still achieve an average participation rate of 37% through subsidizing fitness and wellness programs.
Espresa CEO, Alex Shubat, explores how funding affects the engagement rate of employees in the recently published article on HR.com called “You Get What You Pay For.” The article focuses on the three funding models of unsubsidized, subsidized and allowance to illustrate how budgeting for employee programs affects their participation rate. Click HERE to read the full article on HR.com.
Another recent article, published on HR Daily Advisor talks about how the allowance model allows for employee program personalization at scale. In the article, Bespoke Benefits, Espresa CEO, Alex Shubat, discusses how allowances are associated with the Fortune 100’s Best Places to Work list. Our own clients have chosen to take allowances to the next level with the virtual employee wallet where they load funds into the Espresa employee programs automation platform for employees to use on a monthly basis. This method sees a participation rate of 95% because it allows employees to choose the programs they would prefer to subsidize. Click HERE to read the full article on HR Daily Advisor.
For more reading on why “one size fits none” when it comes to employee programs, download our white paper in the resource section below.
One Size Fits None
5 generations view workplace programs differently. Discover how to engage all of them.
Program Funding Affects Engagement
The way companies fund their employee programs dramatically affects their employee engagement.
Loyalty is a Two Way Street
And many employees are heading out the door. Find out the true cost of retention.