As a newcomer to the employee benefits market, worth 1 trillion euros in Europe, Worklife intends to shake things up by placing benefits at the core of HR strategies as a real performance lever. This is a market which has previously seen relatively little innovation, with employee benefits being increasingly perceived as commodities and losing their impact on company performance.
The Covid crisis, however, has shifted the relationship between employees and their work, prompting companies to rethink their employee benefits policies. The balance of power between potential recruits and recruiters has irrevocably shifted, meaning companies are now exercising everything possible to maximize the value of their HR policies. In a tight job market, retaining talent is becoming a prerequisite to performance. With this in mind, whilst company benefits are important retention levers, they currently lack the value that would allow them to have real strategic impact. Less than one employee out of two is aware of the benefits provided by their company, according to a Worklife study.
To resolve the problem, Worklife is building the future of employee engagement by restoring a direct link between a company and its employees. In doing so, Worklife provides benefits that are both concrete and tangible, vectors of said company brand and provide real HR value.
A SEASON PASS BECOMES PART OF YOUR SALARY
The Worklife solution makes it possible to group together all the benefits already put in place by a company (supplementary health insurance, employee savings, psychological support lines, etc), as well as finance new benefits with a smart payment card. Employees are therefore able to take advantage of benefits including public transport passes and the Sustainable Mobility Package, meal vouchers, home care services and remote work allowances, all of which are used in day-to-day life. Regular use of the card, coupled with its mobile application, makes the Worklife solution an incomparable lever for boosting a company brand and communication with employees.
BENEFITS VIA SMARTPHONE WALLET
On the tech side, the Worklife card automatically recognises the type of purchase made by employees and automatically deducts it from the corresponding benefit wallet. Equally, HR professionals can easily manage company benefits and measure their performance via their HR management interface, compatible with all internal HR tools (HRIS, payroll, accounting). For example, Worklife can track the impact on employee CO2 emissions when implementing the Sustainable Mobility Package, or the impact on absenteeism when providing home care services.
For companies, Worklife’s solution allows them to save money, notably due to the precise and transparent management of employee benefits and financing offered (exemption from social security contributions, tax credit, etc.) The capacity to monitor the use of benefits on the Worklife
HR management interface means the company only pays what is actually spent by employees. Unlike other market players, Worklife does not charge merchants (no commission for restaurant owners, for example) which, beyond an ethical and responsible standpoint, also makes it possible to offer the largest possible acceptance network for each benefit.
EMPLOYMENT PACKAGE AT A GLANCE
More globally, Worklife enhances the overall remuneration packages of companies, often overlooked by employees. For example, by providing access to a monthly TRS (Total Reward Statement) on the application, employees are aware of their entire remuneration package, not just their net salary.
This new product feature has meant the startup has gained a new major account every month since June. Worklife now works with more than 100 companies including Amazon, Saint-Gobain, Aesio, Credit Cooperatif etc… The startup plans to issue 150,000 payment cards by the end of the year and aims to become the ultimate employee benefits management solution in Europe.
Regarding team growth, Worklife plans to hire 100 people in the coming year, 300 over 3 years. For Benjamin Suchar, co-founder and CEO of Worklife: “Employee benefits are not the endgame but the starting point for tomorrow’s HR ambitions. Thanks to the Worklife solution, companies can now offer new flexible benefits that have a positive impact on their employee performance.”