Last week, the Collective Benefits Rewards Card was launched, offering an innovative solution for flexible workers to receive rewards that are of actual value to them, and enabling businesses to incentivize their employees without incurring significant costs. This new solution is a game changer in the world of flexible work, and is expected to make a considerable impact.
It is worth noting that traditional rewards solutions are inadequate for flexible work. The cumbersome process of accessing rewards that matter to the worker, combined with the high cost for businesses, has led to a frustrating situation for both parties. In recognition of this challenge, the Collective Benefits team embarked on a quest to develop a more suitable solution.
The cost-of-living crisis served as a wake-up call to the Collective Benefits team, as they saw firsthand the detrimental impact on workers who were unable to afford even basic necessities like fuel to commute to work. In response, they introduced a fuel discount card that was free for businesses to offer their employees. The response was overwhelmingly positive, and the team was able to identify the magnitude of the cost-of-living crisis, with a staggering 73% of flexible workers indicating that their savings would not last for more than a month. These workers have described the current situation as “hard to cope with” and a “struggle,” with some even forcing themselves to work when they are unwell.
Unfortunately, financial institutions are not catering to the needs of this demographic, leaving many without access to solutions that can alleviate the cost-of-living crisis, such as a rewards card. This has resulted in an underserved population that requires tailored solutions to help them overcome the challenges of the cost-of-living crisis.
Moreover, businesses are also experiencing challenges as they attempt to incentivize their employees and achieve their business objectives. Many of their employees are giving up the flexibility of their work for better compensation or more reliable income streams. In their quest to incentivize their employees, businesses have resorted to unsustainable retention solutions like cash bonuses, or solutions that are time-consuming, lack customization, and have unproven ROI.
In response to these challenges, the Collective Benefits team has created the Rewards Card, a solution that is easy to comprehend, manage, and delivers measurable ROI. This card offers cashback on all business spend and savings on essential items, which in turn allows businesses to stay top-of-mind by incentivizing their workers with every purchase. The insurance component of the Rewards Card offers peace of mind to both workers and businesses. Additionally, the Instant Pay feature allows workers to have more control over their paychecks while enabling businesses to offer boosts and cashless tips. Overall, the Collective Benefits Rewards Card represents a significant step forward in addressing the challenges of flexible work and is poised to make a meaningful impact.