Flexible Benefits: A Revolutionary Strategy in Talent Retention

In the rapidly changing business world, “flexibility” in selecting corporate benefits is a key factor for retaining the most valuable asset within companies – their employees. This trend is supported by worldwide organizations. Approximately 2/3 of global companies are updating their human resource management policies in order to provide freedom of choice in additional benefits. 

In Bulgaria, according to data by Re:benefit, the invested amount for benefits by top employers was 5.5 million BGN for just the second quarter of 2023. This clearly demonstrates that more and more top employers are moving towards flexible benefits policies.

Automated HR Platform for Corporate Benefits Management – An Effective Solution for Top Employers

In today’s dynamic job market, where the competition for attracting and retaining talent is constantly increasing, an HR platform like Re:benefit can prove to be a key tool for employee retention.

Re:benefit is the first and only innovative platform in Bulgaria for flexible benefits and has recently expanded its operations to Turkey and Serbia, as well. Through the platform, companies provide their employees with a diverse selection of corporate benefits (over 100 different options), while simultaneously reducing their administrative costs and accelerating the return on their investment. Also, companies maintain full control over their personnel management budgets while overcoming the inefficiency of offered standard benefit packages, which often remain unused on a large scale (according to a Re:benefit’s study from 2022, 44% of benefits offered in standard packages are unused).

Freedom of Choice for Employees

Access to flexible benefits is an innovative tool for achieving a balance between professional and personal life. It increases employee satisfaction, productivity, and engagement in the workplace. Re:benefit offers a personalization, allowing each employee to create a unique package of benefits based on their individual interests and needs. They can change their choices every month and can include traditional benefits like additional health insurance and gym memberships, as well as more modern perks like services related to home care, family support, pet care, and even donation opportunities. Interest in these types of innovative benefits is rapidly growing.

Flexible Benefits are Boosting Talent Retention

More and more employers are confronted with the challenge of implementing innovative approaches to attract and retain highly skilled professionals. The implementation of a flexible benefits platform is indeed a necessary condition for an increasing number of employees when choosing a company.

A 2022 study by Willis Tower Watson on employee attitudes towards benefits in companies shows that over two-thirds of individuals would opt to remain in a company that offers them a sufficiently wide range of categories of benefits. A report from the Employee Benefits Research Institute also indicates that employees who are content with their company benefits are more motivated to invest effort and dedication into their work.

Re:benefit – The Revolutionary Flexible Benefits Platform

Re:benefit represents a transformation in the human resources policies for corporate benefits in Bulgaria. Supported by leading partner suppliers of products and services, and embraced by top employers, the platform offers opportunities for personalized corporate packages that cater to the individual interests, needs, and preferences of each employee. “Around 30% of employees choose a specific company precisely because it is already a Re:benefit client,” shared Georgi Georgiev, co-founder and CEO of Re:benefit.

The platform adds value to the corporate image of companies and enhances their positioning as leading employers. Simultaneously, it boosts employee satisfaction and engagement, uniting flexibility and efficiency in one solution,” Georgiev added.