Wagefit An Employee Benefit For Nigerian Workers

Employee benefit is an indirect form of compensation that goes beyond an employees base pay.

Some employee benefits are statutory or mandated by Nigerian law whilst others are not. These can be a deciding factor for a candidate joining and staying with an employer.

Different types exists.

Employers periodically need to find the right employee benefits to attract and retain talent, as well as improve employee productivity and engagement whilst trying to stay within budget.

Whilst some of the mandatory employee benefits depends on the number of employees or employer turnover, others are based on the employers ability to identify those employee benefits that match what is important for their employees and how they want to be perceived by the external talent marketplace and outside world.

Let's list some popular ones.

1. Paid Time Off (PTO) (Mandatory) - Sick time, paid holidays and bereavement leave.

2. Health Insurance (Mandatory) - Access to medical services and treatments.

3. (Group) Life Insurance (Mandatory) - Death in service benefit.

4. Bonuses and Incentives - Providing performance-based bonuses, incentives or profit-sharing.

5. Professional Development Plan - Education, training and skill development programs.

6. Retirement Benefits (Mandatory) - Pension.

7. Additional Benefits Include Wellness Programs such as:

    a. Access to counseling services.

    b. Parental leave (Mandatory) - Maternity and paternity leave.‍

    c. Child care.

    d. Financial wellness education - financial planning, budgeting and investment strategies.

    e. Flexible work schedules - remote work, hybrid model or flexible hours.

    f. Arranging regular health audits, blood pressure monitoring and preventive screenings.

    g. Stipends - reimbursement of workers expenses e.g. remote work costs including internet access.

    h. Transportation allowances.

    i. Providing nutritious snacks or lunches.

    j. Gym memberships.

Where do we come in.

Wagefit forms part of an employer's benefit program dealing with employee financial wellbeing and so belongs in an employees financial wellness benefits.

Employers need to consider the financial stress their employees go through as that has a visible negative impact on their business and can be mitigated by an employee having the option to access a portion of their earned wages before payday, if needed. With Wagefit an employer can be rest assured that they have incorporated a significantly important employee benefit into their business.

Talk to us for a demo and learn how you can provide this benefit to your employees.