What we're discussing here is nothing new, but this part of the region is catching on, and it's about time. What we're talking about is… Alternative End of Service Savings Scheme. A new voluntary savings scheme announced by the UAE government that allows employers to the replace the traditional end of service benefit with a savings plan, for more info, click here.
Employment is evolving from a 50’s style one-way street where the 'customer is always right' to a new road of mutual understanding where the employee exercises equal authority.
Finding and retaining the perfect talent for your company isn't as easy as simply hiring anyone relevant that needs the job. Employees are picky too, more than ever. So, why is an Alternative End of Service Savings Scheme the perfect growth hack, and what is it?
- It's a monthly savings scheme where you invest a portion of employees' salaries in an investment fund that is based on their risk appetite and lifestyle preferences—this allows their money to grow exponentially over the years. Why? That brings us to the next point.
- It enriches the employee’s standing at your company. Over 80% of UAE talent (employed and unemployed) would be less likely to leave their employers if provided with enhanced benefits. A financial, long-term investment allows employees to feel, and be, capable providers for themselves and loved ones.
- Turnover is costly and could become a six-figure burden if employees aren’t cared for.
- One of the main elements that attract employees to you is how truly and holistically you take care of their financial wellbeing. Not just in terms of salary, but long term, as an investment.
- Research shows us that your competition, worldwide and locally, are already enhancing company culture and employment packages as a way to retain top talent. This means their workplace is more likely to be chosen than yours.
If that isn’t convincing you to invest in your employees right away, how about this additional insight? The majority of expat employees in the UAE expressed a strong need for improved savings & benefits.
We all know what growth hacking is, right? It’s basically using digital maestros known as performance marketers to use insights & low-cost strategies to acquire & retain customers, growing your numbers almost instantly. Doing so helps your company grow on paper and impress investors. But, putting it simply, that strategy is short-term if those maestros aren’t happy.
To put it simply, the reason an Alternative End of Service Savings Scheme is the perfect growth hack is because…
All those leads generated, all those performance marketers hired, all those great growth numbers you got that impressed the investors will burn and implode because all those employers you hired to get all those numbers will leave if they're not prioritized. The growth hack to grow your company is your people. There’s no hack around that. Invest in them, and they’ll invest in you.
Equevu is one of the region’s first Alternative End of Service Savings Scheme technology solutions that connect financial institutions with employees and employers. Time to reap the benefits of an enriched workplace.