Sayo

The Collaboration Expands Access to Health, Wellness, and Financial Services for thousands of Technologists in Nigeria



Flance is thrilled to announce a strategic partnership with 

, a global talent accelerator renowned for building remote engineering teams. This collaboration will introduce a comprehensive suite of health and wellness services to Andela’s extensive network of technologists.

Andela, supported by prestigious investors such as SoftBank and the Chan Zuckerberg Initiative, is dedicated to empowering technologists in emerging markets by connecting them with top companies around the world. Recognizing the unique needs of its network, especially the independent contractors who form a significant part, Andela has partnered with Flance to offer tailored wellness and financial tools that support the well-being and growth of its community.

Flance is devoted to improving the lives of modern workers by providing access to essential services that enhance well-being. Serving a broad audience—including freelancers, contractors, and businesses seeking valuable worker benefits—Flance connects workers with comprehensive health plans, discounted gym memberships, and financial wellness tools. Flance aims to empower workers to achieve their wellness goals and lead healthier, more prosperous lives.



Katherine Codlin, Partnerships Manager at Andela, stated:

“At Andela, our mission is to empower technologists with exceptional opportunities and resources for career growth. We chose to partner with Flance because of their commitment to supporting the health, well-being, and financial security of our Nigerian community. Together, we are fostering a holistic environment for our technologists to thrive, benefiting both our community and clients.”

Launching on September 23, 2024, this partnership will offer Andela technologists access to services on Flance’s marketplace, including health insurance plans, discounted gym memberships, and financial wellness tools at preferential rates. This initiative not only enhances the quality of life for Andela’s tech professionals but also positions both companies as champions of worker well-being.

"Flance is committed to ensuring that every professional, whether a contractor, freelancer or employee, has access to the vital services that enhance their well-being. Partnering with Andela is a key milestone in our mission to provide modern workers with the health, wellness, and financial resources they need to thrive", said 

This collaboration underscores the shared commitment of Flance and Andela to empower the global tech community by providing essential tools for personal and professional success. Both companies are excited about the potential impact of this partnership on the lives of technologists in Nigeria.



Ready to take worker retention to the next level?

Discover how Flance can transform the well-being and satisfaction of your contractors or employees. Reach out today to explore tailored solutions and start boosting your workforce’s loyalty and performance!

Flance and Andela partner to empower tech professionals with comprehensive wellness and financial tools

Precious

Are your workers getting the wellness support they need? Here is why it matters more than ever.

In today’s highly competitive job market, offering employee benefits is no longer an option but necessary for companies looking to attract and retain the best and most capable workers. Tech giants like Google, Amazon, NVIDIA, Meta, and Tesla are leading the way in recognizing the profound importance of employee benefits. These companies have not only invested heavily in wellness benefits such as health insurance, fitness, spa treatments, and retirement plans but have also pioneered innovative wellness initiatives. Let’s explore why employee benefits are so crucial, using examples from the leaders in the tech industry today.

Why employee benefits are essential to your company’s growth

Employee benefits extend far beyond basic compensation and pension contributions. They represent a company’s commitment to the well-being of its workforce, creating a supportive environment that fosters loyalty, productivity, and overall job satisfaction. A comprehensive benefits package provides financial security, health and wellness resources, and perks that contribute to an employee's quality of life both at work and outside of work. Large companies like Tesla, Google, Nike, and other corporate powerhouses have wellness benefits that motivate their workers and create a positive work environment accelerating the companies' growth. Wellness programs can lead to healthier employees, reducing absenteeism and lowering healthcare costs by encouraging preventive care and healthier lifestyle choices leading to a boost in creativity. Healthier employees are often more productive. Wellness programs can reduce fatigue and improve focus, leading to better performance and efficiency at work which equals growth.

Wellness as a key factor in employee benefits

Wellness programs are increasingly becoming a cornerstone of employee benefits, especially in the tech sector where high-stress, fast-paced environments are the norm. Companies understand that healthy, happy employees are more productive, engaged, and loyal to their employers. This shift towards wellness reflects a broader cultural shift that values holistic well-being. Here are some top tech companies using wellness benefits as employee benefits:

 in wellness programs is a prime example of why. Google spends approximately $25,000 annually on benefits per employee. The company’s proactive approach to well-being has helped it build a reputation as one of the best places to work globally.


Google’s wellness benefits range from mental health support to fitness programs and healthy food options in the office.

Amazon, one of the largest companies in the world, understands the importance of supporting its workforce. In 2022, the company announced a nearly $1 billion investment in pay and benefits for its frontline employees. This 

 underscores Amazon's commitment to improving the quality of life for those working in challenging roles, focusing on health care, paid time off, and opportunities for career growth. For a company that employs over 1.5 million people, this is a critical step toward ensuring long-term employee satisfaction and retention. This allows them to have the best talents in the industry.

NVIDIA places a strong emphasis on health and wellness, offering top-tier medical insurance, mental health support, and fitness programs. The company invests up to 

 in wellness benefits per employee annually and is known for its 

. NVIDIA’s benefits package aligns with the company’s goal of maintaining a healthy, motivated workforce, especially in the rapidly evolving tech landscape.

NVIDIA invests up to $3,000 in health/wellness benefits per employee annually.

Tesla, known for its fast-paced and innovative culture, provides its employees with 

 valued at around $7,200 per person annually. This includes health insurance, fitness programs, and various wellness initiatives aimed at reducing burnout and promoting work-life balance. While Tesla’s benefits may not be the most extensive, they are highly appreciated in an industry that demands long hours and intense focus.

The Competitive Advantage of Strong Employee Benefits

Companies that offer comprehensive benefits packages gain a significant competitive edge in recruitment and retention. A 

57% of job seekers consider benefits and perks to be a top factor when deciding on a job. 

Benefits also contribute to lower turnover rates and higher employee engagement, ultimately impacting a company’s bottom line.

Tech companies like Google, Amazon, Meta, and Tesla have set the standard for how organizations should approach employee well-being. By investing in wellness programs and other benefits, they have not only enhanced the lives of their employees but also built stronger, more resilient workforces. This focus on well-being has translated into higher productivity, more innovation, and a greater sense of loyalty among employees.

Employee benefits are an essential component of a thriving workplace. 

In a world where talent is a key differentiator, companies that prioritise their employees’ health and well-being are more likely to succeed. 

As evidenced by top tech companies, these investments in benefits pay off in terms of employee satisfaction, retention, and overall company performance. Whether through innovative wellness programs or traditional perks, providing comprehensive employee benefits is not just a nice-to-have but a strategic necessity.

Ready to take employee retention to the next level?

 can transform the well-being and satisfaction of your contractors or employees.

 to explore our unmatched health, fitness & wellness solutions and boost your workforce’s loyalty and performance.

The World’s Top Companies Invest in Employee Health and Wellness - Why Yours Should Too.

, a global leader in payroll and compliance for remote teams, has elevated its perks offering by featuring Flance on its global perks marketplace. This collaboration allows Deel’s remote team in Nigeria to easily discover and access a wide range of health, fitness/wellness, and financial management services, all designed to enhance their well-being and financial stability.

Flance’s presence on Deel’s global perks marketplace provides workers with:

: Workers can enroll in health insurance plans offered by Flance’s partners, ensuring they have access to essential healthcare services. This coverage provides peace of mind and contributes to overall well-being.

Comprehensive Fitness and Wellness Options

: Flance offers unparalleled access to a wide network of fitness and wellness centers across Nigeria. Workers can enjoy services at premier locations like Ecofitness, Sweatbox, and Best Body Gym, along with access to spas and swimming pools. With coverage in major cities such as Lagos, Abuja, Port Harcourt, Ibadan, Jos, and Calabar—and more cities being added—contractors have the flexibility to maintain their fitness and wellness routines wherever they are.

Flance also provides customized savings plans and access to certified tax advisory services for Contractors. Workers can effectively manage their finances, optimize their tax situations, and achieve better financial stability.

The comprehensive support provided by Flance’s health, fitness, and financial services leads to higher contractor satisfaction. Workers feel more valued and supported, contributing to a positive work experience.

: Access to a wide range of fitness and wellness options across Nigeria ensures that workers can maintain a healthy and active lifestyle, reducing stress and enhancing productivity.

: With tailored savings plans, workers are better equipped to manage their finances, leading to greater financial security and preparedness for future expenses. 

: Featuring Flance on Deel’s global perks marketplace significantly enhances the benefits available to workers. This addition underscores Deel’s commitment to providing a well-rounded perks package that addresses the key needs of its global workforce.

Flance’s ongoing presence on Deel’s global perks marketplace expands the benefits available to Deel’s workers in Nigeria. By offering tailored health insurance, extensive fitness and wellness options, and comprehensive financial tools, Flance is helping to improve Deel’s remote teams’ health, well-being and financial security.

Flance partners with Deel to bring unmatched health & wellness benefits to its remote team

Ucha

Raison d’etre [rey-zohn -de-truh; French re-zawn -de-truh]

Pronounced rey zohn de truh, this is an English word of French origin that means a thing’s reason or justification for being, or existing

In December 2021, we set out to reimagine the future of work benefits by building a platform for gig economy workers, and that’s how 

Basically, anybody that does not work in an office can get access to basic benefits like insurance, healthcare, pension,and loans, at a small monthly fee.

We have been on that journey ever since, and it has been a very tedious and interesting one.

So let’s talk about why we started doing this thing, and what exactly it is.

Is a question my co-founders and I have gotten countless times, from different people, all asked with the same level of genuine curiosity.

I have given this answer so many times, over and over again, that it makes sense to crystalize and articulate it in written words.

Surface level; it is ridiculously expensive to pay out of pocket for an insurance need. The price difference between paying for a healthcare plan out of pocket, and having an insurance plan can be a lifesaver.

For example; in Lagos State Nigeria, the average nighly admission fee in a hospital is around $50. Meanwhile, an annual insurance plan of $25 can cover this same cost for a year, with added benefits up to $2,000.

On a deeper level, beyond the price point, like every problem, deciding to work on this one was a mixture of personal pain points and data-backed market research.

Simply put, this is a genuine problem, not just in Nigeria, or Africa, but around the world.

We started out focusing on gig economy workers that did not work in offices; Uber and Bolt drivers, software developers, freelance creatives, hair stylists, contract staff, and everyone that did not receive added benefits from where they work.

These people are divided along two lines; those who cannot afford to pay for these benefits individually, and those who can, but cannot afford the time and inconvenience of sourcing these benefits individually.

We talked to 250 of these people; 96% of them would pay for a plan that allows them to get access to these benefits in one place.

Of this number, 25% did not care about the price point it came in at, while the other 75% swung between affordability and ‘mid-range’ price points.

These people are able to come on Flance, and purchase a moderately priced monthly plan, or design a bespoke one that fits their needs and budget; amazing stuff.

The aforementioned is already a beautifully carved out market segment by itself, but there was another one ripe for the picking; tech startups and small businesses.

At first glance, these people are antithetical to the initial market segment mentioned, but upon closer look, not so much. I will tell you a story why(not), a very short one;

For the last 8+ years, I, Victor Ekwealor, have worked with tech startups in Africa, and as at the end of May 2022, my pension balance is currently ₦112, 480.40 ($272). And this is the experience of the bulk of employees in tech startups and small businesses.

I used to be very upset at this benefits discrepancy until I got a look on the employer’s side and figured out that this isn’t malicious; it is extremely difficult for a small business to provide employee benefits.

In startups and small businesses, everyone is too busy with multiple roles to take on the arduous task of sourcing and arranging benefits for employees. It is what it is.

The global economy is hard; inflation is at an all time high, and costs of living have skyrocketed with it. Most startups, especially in developing economies, are unable to match compensation with these rising costs, and are also incapable of mustering the financial war chest to retain their talents.

And this is where Flance comes in; to help employers figure out how to sustainably ensure their employees are not left out in the cold, or lost.

“Two billion workers — representing 61.2% of the world’s employed population — are in informal employment.”

Women and Men in the Informal Economy: A Statistical Pictur

The aforementioned is a 2018 study by the International Labour Organisation (ILO); a United Nations’ (UN) agency charged with international labour practices. In short, there are more people that are formally employed than not, and that is not changing anytime soon.

These people have jobs, but thanks to different employment laws across the world, most of them are not classified as full employees. A big example of this is how Uber and Bolt drivers are not considered employees of either companies.

Regardless of these classifications, these workers have adult responsibilities and resultant needs that would be catered to by employment benefits.

On the other hand, the nature of work is changing drastically

 effect of the pandemic, everyone has taken a very pragmatic approach to their careers, and this has resulted in massive resignations and switches; cue the 

, and all similar movements around the world.

; this means that more people are going to leave their structured jobs and, subsequently, the security those jobs provide by way of benefits.

Employers will have to fundamentally reimagine sustainable ways to keep their employees, without breaking their back, and their banks.

That, my dear reader, is where Flance comes in again.

Unlike the first question, there are not a lot of people asking this. I just imagined that if you got this far, it’s only fair you know the exactitude of how this product will work.

It is really simple; users sign up, get KYC’ed and then for a small monthly fee, get access to a wide range of benefits; healthcare, insurance, pension, loans, etc.

The plans are structured in two ways; moderately priced pre-curated options, and the ability to create a bespoke plan for yourself that fits your needs and budget. Simply put, you can pay for plans we have made, or create your own.

We are just getting started and gearing up for the journey ahead.

Thanks for getting to this point,
Victor.

Raison d’etre

Victor Ekwealor 

What exactly is ‘employee benefit’ and what does it constitute?


This is question that we get from many business owners and startup founders who are not exactly sure what it is.

The problem is not that they do not know per se, it’s just that it means so many different things that it seems to not mean anything in particular, so let’s attempt a definition and explanation.

Firstly, like the name implies, employee benefits, perks, or rewards are, unsurprisingly, benefits for employees.

The most succinct definition is from Wikipedia, and it says that “

Employee benefits and benefits in kind, also called fringe benefits, perquisites, or perks, include various types of non-wage compensation provided to employees in addition to their normal wages or salaries

In essence, any compensation given to people in active employ of any sorts that is different from their wages can be termed employee benefits, perks, or rewards.

The scope of employee benefits is extensive, covering multiple facets of the employee experience.

Some of the most popular ones that you may be familiar with are grouped under the umbrellas of health and wellness, financial incentives, retirement plans, and professional development. Collectively, these offerings contribute to fostering a sense of support and appreciation beyond the transactional nature of employment.

Now, let us elaborate on the aforementioned umbrellas a bit and get an even deeper understanding of what they entail.

There is a popular Latin saying we are all familiar with, “mens sana in corpore sano” which translates to “a healthy body can sustain a healthy mind”, or as we popularly know it, “a healthy mind is a healthy body.”

This means that health and wellness are understandably the most crucial of all the employee benefit segmentations that exist. Benefits in this category are typically comprehensive insurance coverages for medical, dental, and vision.

Additionally, wellness programs go beyond traditional healthcare, incorporating initiatives such as fitness programs, mental health resources, and preventive health measures. Mental wellness programs have become even more popular with the increase in mental health conditions, which the World Health Organisation(WHO) has increased by 25% since the pandemic.

Employee benefits extend into the financial realm, providing a sense of security and stability. The financial part of benefits are usually the most popular and easiest as there are usually no complications with them.

Retirement plans, like 401(k), pension schemes, and retirement savings, and the different names they are known by across the world, offer employees opportunities to plan for their financial future.

Employee Stock Options (ESO) or equity participation are financial plans that align employees with the overall performance of the organisation and have become very popular over the last few years, especially with startups. These financial benefits not only support individual well-being but also cultivate a sense of commitment and loyalty to the organisation.

In line with bolstering mental health and ensuring work does not become too much drudgery, a lot of initiatives now exist to accommodate a harmonious work-life balance, employee benefits often include provisions for flexible work arrangements like hybrid or fully remote work options.

Paid time off (PTO) allows employees to take vacations, holidays, and personal days are also quite popular in this category. Generally, they accommodate the diverse lifestyles and responsibilities of employees.

Investing in the continuous learning and development of the workforce is a crucial aspect of employee benefits. Like the earlier mentioned health and wellness options, professional development can tie in directly to the business’ bottomline.

Training and development programs, encompassing workshops, seminars, online courses, and mentorship initiatives, contribute to the enhancement of employees' professional skills. Online learning platforms like Udemy, Coursera, Pluralsight, among others are a staple in this category.

These opportunities not only support individual career growth but also ensure that the organisation remains productive through its workforce.

Recognizing the significance of family life, employee benefits may include family-friendly provisions. Family leave, whether for parental or caregiver responsibilities, ensures that employees can navigate significant life events without compromising their professional standing. Child Care assistance, including support for childcare expenses or on-site facilities, alleviates the challenges faced by working parents.

Whether you call them employee benefits, perks, or rewards, we have established that they have different meanings in different contexts. Apart from the aforementioned, there are a ton of things that can qualify as benefits; lunch, massage, acupuncture, etc.

The next question is, now that we know what they are, what is a strategic and thoughtful approach to guide implementing benefits?

Again, like the definition, there is no straightforward answer, but here’s a framework to think about it;

A clear understanding, identification, and articulation of an organisation's overarching goals and values can help with figuring out what perks or employee benefits to employ. An organisation that values and promotes work-life balance would focus more on benefits in that category.

Acknowledge the diversity within the workforce and tailor benefit packages accordingly. Providing a range of benefits allows employees to select options that resonate with their individual needs and preferences.

A lot of employee benefits and perk platforms come as a package deal and do not allow customization. Flance Business is one that allows employers to choose individual benefits tailored to different users.

Benefits are useless if and when they are not used, so transparent and regular communication about available benefits is imperative. This is especially true for organisations that are just starting a culture of added benefits and incentives.

Employees should be well-informed about the full spectrum of offerings through channels such as emails, company intranet, and informational sessions.

There are countries where certain employee benefits are mandatory and employers can not afford to hold back on them.

Stay informed about local, state, and federal regulations governing employee benefits in your region. This legal requirement ensures compliance, mitigates risks, and upholds the trust of employees.

While it’s good to keep employees motivated with these benefits, there are a lot of things that do not produce desired results for a myriad of reasons and the major one being that employee needs and preferences evolve over time.

Regularly assess the effectiveness of benefits programs and be open to adapting them to align with changing circumstances and industry trends.

During evaluation sessions, feedback should be actively sought from employees regarding their satisfaction with existing benefits and any suggestions for improvement. This engagement not only ensures benefits remain relevant but also fosters a culture of transparency and collaboration.

Finally, while we now agree that the definition and naming of employee benefits are contextually different, if you have come this far, you more likely have a framework to strategically implement benefits in your organisation.

Navigating the complexities and competitiveness of the modern workforce can be quite daunting at times.

By recognizing the intrinsic link between employee well-being and organisational success, employers can leverage benefits as a strategic tool, ultimately fostering innovation, productivity, and a positive corporate culture. In the ever-evolving landscape of the modern workplace, a clear understanding of employee benefits positions organisations to cultivate environments that attract, retain, and nurture top talent.

Understanding Employee Benefits for Businesses 

Tayo

Flance, an employee benefits company serving Africa’s gig economy, has announced a collaboration with leading ride-hailing platform Bolt that provides Bolt drivers in Nigeria with access to discounted healthcare plans. Through this collaboration, Bolt driver-partners can take advantage of Flance’s innovative technology and access high-quality, affordable healthcare services.

Bolt drivers will be able to receive preventive care, telemedicine services, and access to a network of healthcare providers, all while keeping costs low.

“The gig economy in Africa is growing at an average of 20% annually, and it is estimated that by 2030, there’d be 80 million gig workers in Africa. This collaboration is in line with our mission at Flance to help this emerging demographic access quality, affordable, and inclusive benefits,” said Victor Ekwealor, CEO of Flance.

“By collaborating with Bolt, we are able to bring this security to even more drivers in need and help ensure that they can access the healthcare they need to stay healthy and on the job.”

For Bolt drivers, the perks of this collaboration include physical and virtual doctor consultations, preventive care services, discounted rates on lab tests, prescriptions, and many more.

The drivers will also receive exclusive discounts on other Flance health insurance plans, as well as access to a range of health, wellness, and financial benefits including loans.

“At Bolt, we are dedicated to providing our driver-partners with the support and resources they need to succeed and live better,” said Ireoluwa Obatoki

 Regional Manager for West and North Africa at Bolt. “This collaboration with Flance is a major step forward in that commitment, and we are proud to offer driver-partners access to affordable, high-quality healthcare services.”

The collaboration will initially be available in Nigeria, with plans to expand to other African cities in the near future.

Flance | New work by Flance

New Work by Flance

Flance and Andela partner to empower tech professionals with comprehensive wellness and financial tools

Flance and Andela partner to empower tech professionals with comprehensive wellness and financial tools

The World’s Top Companies Invest in Employee Health and Wellness - Why Yours Should Too.

Flance partners with Deel to bring unmatched health & wellness benefits to its remote team

Raison d’etre

Understanding Employee Benefits for Businesses

Flance partners with Bolt to provide drivers with healthcare