A critical issue facing all small businesses today is how to attract and retain top talent. Despite being such a critical issue, yearly turnover rates in some industries remain higher than 25%. So what can you do about it? It’s nearly impossible to read the 1,000+ published reports and research articles on retention and turnover. However, this SHRM article can saved you time and hassle by summarizing the results of these studies. You can also check out our ultimate guide to small business employee benefits. We highly recommend printing and thumbing through it.
Employees consistently rate fitness employee benefits as the most important factor in a compensation package. And one of the most demanded and fastest growing health benefits is a gym/fitness reimbursement (part of a broader employee benefit program). According to a study by Kaiser, between 43% and 65% of companies with 200-5000 employees already offer a fitness subsidy. Also, 86% of large-mid sized employers offer financial wellness rewards in order to remain competitive in the labour market. On that note, check out this guide to employee benefits for mid-sized businesses. Employers have resorted to using in-house resources in order handle wellness benefit incentive management, which can be very costly to HR departments both in dollars and time due to the administrative burden (check out this guide on benefit administration systems).
IncentFit enables companies to easily offer and manage fitness and gym reimbursements for their employees. With IncentFit, employers can financially reward their employees for engaging in a wide variety of activities, including working out at a fitness facility, attending an athletic event, or for using a fitness tracker or device such as Runkeeper or Fitbit. Each time an employee works out, our technology automatically verifies their activity and immediately places money into their bank account or paycheque. No more self-reporting, no more paper work, no more waiting for checks, no more hassle.
Traditional fitness incentives are limited to gyms, which excludes the 83% of employees who exercise outside of gyms. In addition, many employers reimburse employees for money they spent on their gym memberships even if that membership isn’t actually used. Since two-thirds of people who have fitness memberships do not use them, HR departments can waste up to 66% of their health and wellness dollars. Lastly, with IncentFit, HR managers no longer have to spend countless hours processing reimbursement forms and managing relationships with gyms.
With IncentFit, employers save time and money and employees get flexibility. Everyone wins. If you are curious about employee benefits as a whole, check out this post that explains why are employee benefits important.
