How can businesses be better equipped to support talent acquisition and retention?
For Ben, the answer was to build an incredibly flexible, all-in-one, employee benefits platform that any company can roll out to their team. Now, the companies using Ben can personalise the benefits they offer, whilst significantly reducing the associated admin and simultaneously increasing end-user satisfaction. Not to mention, it’s budget-friendly and fully automated.
Employee benefits have evolved to become a crucial component in recruitment and ongoing employee satisfaction around the world. There has been growing demand for employers to look beyond traditional standardised benefits to better support each employee’s well-being. Data shows that only 40% of employees are happy with the benefits on offer to them .
Previously, salaries were considered the most important factor for a role. However, they are now just one factor used in the decision-making process. Also, inflated salary offers designed to attract talent are creating an unsustainable environment where fewer businesses feel able to compete. As a result, many employers now look to their employee benefits package as an impactful tool for attracting and importantly, retaining talent, but they are typically complex, rigid and cumbersome to operate.
Even before the COVID-19 pandemic, the emphasis on employee benefits was starting to grow, however, when remote working and global recruitment became standard practice across industries, the traditional employee benefits proved to be even further outdated.
That employee fruit box delivered to the office is no good when the proportion who planned to return to their place of work permanently fell from 11% in April 2021 to 8% in February 2022. 
In response, the team at Ben identified the need to create a global comprehensive employee-benefits platform that embedded finance to offer a richer and more powerful experience that axed the admin workload for the companies that would use it.
Powered by Weavr, Ben implemented the Employee Finance Plug-in to provide:
▪️ Branded benefits cards, enabling instant payments, that can be added to mobile wallets and limited to specific suppliers
▪️ Controls for employers to manage the set of benefits provided to employees, e.g. gaining access to preferred rates on a wide selection of local and global insurance benefits
▪️ Budget given to employees to pay for the benefits that most appeal to them
▪️ Automatic payment reconciliation to remove the typical admin burden
“Thanks to Weavr’s pre-approved payment models, their time-to-market cannot be beaten. Coupled with the quality of support we have received and the flexibility of the solution – For a young company who needs to get a product out quickly, there is no better solution in the UK.”Sebastian Fallert, CEO at Ben
In order to create a superior offering for employers to manage both benefits and the underlying budget, Ben identified it somehow needed to power the payments capabilities within its platform.
Through Weavr, Ben could hold funds on a client’s behalf, manage budgets and administration and conduct KYC / KYB checks – all in one platform. Importantly, regulatory compliance is fully shouldered by Weavr. Ben’s platform launched in 2021 and, in businesses that implement the solution, employees can tailor their own benefits package within criteria set by their employer. Further, the platform removes tedious admin processing for the business, instead doing it all for them and saving so much time. Providing this level of flexibility is a game changer. For employers, the platform makes supplying benefits packages on an international scale easier than ever before. Furthermore, Ben is the first fully automated benefits platform that integrates with a company’s current systems, such as Xero, HiBob, and Aviva pensions – among others.
“We created Weavr for digital businesses like Ben to seamlessly integrate financial services into their applications, easily, and without compromise on the user experience. Our success is, by design, invisible – we’re there to help brands like Ben to shine.”Alex Mifsud, Co-founder and CEO at Weavr
Companies who have implemented Ben for their employees, have recorded incredible results:
- +86% average engagement with benefits because individuals can choose what is most important to them
- +24% average savings as the businesses using the platform only pay for what is used and receive enterprise rates
- +90% reduction in admin time because the platform is fully automated end-to-end
Seamlessly behind the scenes, Weavr’s embedded finance solution helps Ben power the financial aspects of the customer experience and the positive results are clear and still growing.
If you want to know more about how Weavr can unlock your business’s embedded finance superpowers, get in touch.
Check out our paper “Digitally empowered employees: the financial dimension“. We’ve looked at how the new era of remote and hybrid work has opened up opportunities for digital innovators building employee-directed applications to embed financial capabilities into their software. And, why they’re more important now than ever before.