Loyalty Blogs

Meal Vouchers: Offer a Convenient Tax-Saving Option to Your Employees

  • Posted on April 3, 2024 by Robert
  • Reading time about 5 minutes
Meal Vouchers

Employee attrition is a painful reality for every business. Employee loyalty is not a buzzword but the only essential that can help you battle employee turnover. What determines employee loyalty? Is it monetary benefits, perks, or benefits? Identifying the actual pain points of employees can help you craft a befitting loyalty strategy.

Tax exemptions are something every employee is looking for. Tax liabilities often drain employees, making them look for employers who offer avenues for tax deductions. Employee meal cards are something that can help your employees save tax, money, and a lot of tax planning stress.

This blog will discuss bulk meal vouchers in detail and why employers must invest in them to build employee loyalty.

Employee Attrition: A Stingy Reality

Half of your employees are ready to change jobs if the right job opportunity knocks at the door. That’s how easy it has become to lose your human resources. Employee attrition is no hoax; it’s a stingy reality. Quiet quitting haunted employers last year, and it will prevail this year too if employers don’t invest enough in building employee loyalty.

Talking about the most common reason behind employee turnover, it’s the lack of pay and benefits. Every employee is buried under the burden of expenses and taxes. As an employer, you can craft convenient loyalty benefits for employees that help them grow financially and save big on taxes.

Employee meal vouchers are one such way to help employees save money. Let’s find out how.

Meal Vouchers: A Pathway Toward Employee Satisfaction

Offering meal vouchers or meal cards to employees can boost your retention game significantly. The global meal voucher and employee benefits solutions market is growing at a lightning pace, expected to reach $346.65 billion by 2030.

The secret behind such a massive growth prediction is that more and more companies invest in bulk meal vouchers because it is an effective way to boost employee morale and reduce turnover. Let’s understand what employee meal cards are and how bulk meal vouchers can be an effective employee retention strategy.

Employee Meal Cards: Sponsor Savings

Employee meal cards, meal vouchers, or food allowance cards are a convenient and flexible employee retention solution for companies. The meal benefit hits the right spot as it solves more than one concern for the employees. Employee meal cards are prepaid cards issued by employers. These cards are loaded with a predetermined amount of money, and employees can access them at diverse points of sale, ranging from designated restaurants and cafeterias to popular food delivery services.

These meal cards offer employees the bandwidth to choose meals or food items according to their tastes and preferences. They streamline their out-of-pocket dining expenses, promoting financial well-being and ultimately satisfaction.

Employee meal cards or vouchers are an effective way to build employee loyalty. It isn’t a cost to the company but an investment.

Let’s delve into the benefits in detail.

Not a Cost, but a Strategic Investment—Benefits to the Company

Enhanced Employee Satisfaction

Who doesn’t appreciate a Swiggy money voucher? Every employee appreciates tangible benefits. Bulk meal vouchers can empower a business to demonstrate its commitment to employee welfare. It fosters a feeling in employees that their financial burdens are being taken care of. They feel more appreciated and valued by such efforts. This helps a business win long-term employee loyalty.

Less Manual Labor, More Streamlined Record

With bulk meal cards, companies can easily track usage and expenses. It reduces administrative work significantly, saving resources and time. There’s no manual tracking involved, and automation helps manage loyalty effectively.

Save Big

Bulk meal vouchers are a cost-effective loyalty solution for companies. By purchasing vouchers in bulk, companies can negotiate discounts or special rates, saving big on their loyalty investment.

Tax Savings, Financial Benefits, and Much More for Employees

Tax Exemption

Employees can get a tax exemption of up to Rs 50 per meal when they are provided meal coupons. Tax deductions are something every employee appreciates, as they pay a significant part of their salary as tax. This tax savings can prove highly motivating for employees, and they will want to stick around.

Financial Support

Meal expenses can be quite exhausting for employees. Employee meal cards can take away some of their burden and allow them to plan their finances better. They can allocate their salary toward other expenses and enjoy the convenience of prepaid meals.

Diverse Dining Options

With bulk meal vouchers, employees get access to a vast range of dining options. This flexibility is immediately acknowledged by them, as it enhances their experiences. Such positive reinforcement keeps them happy at their workplace, and they are likely to stay for a long time.

Improved Work-Life Balance

Happy employees are the ones who stay. Employee meal cards offer them the bandwidth to take away meals without exhausting their savings. It can save time as well. Such convenience promotes greater work-life balance, giving one more reason to stick with a company.

Ace Employee Loyalty with Novus

Meal vouchers are an effective way to entice employees and pull them in for the long haul. Companies can invest in bulk meal vouchers to save on overhead costs. Not sure, where to get started? Novus Loyalty can help you streamline an efficient meal voucher loyalty program with its tech-driven approach. Contact us to learn more about our effective loyalty solutions and how we can help you retain your top talent.

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