Last Updated on August 11, 2022 by user
Necessity to digitally transform employee benefits, focused on catering to an increasingly millennial workforce, is driving significant growth for the Dubai-based company
Dubai, United Arab Emirates – 19 May, 2021 – Bayzat, the UAE’s leading employee benefits platform that helps companies automate their insurance, payroll, and HR administration, today revealed that it is now more important than ever for the nation’s enterprises to reinvent the employee experience as post-COVID expectations take hold within the workforce. In 2020, the company recorded 30% growth in the total number of organizations using its employee benefits platform along with a 200% increase in monthly app usage, which translates to a better work life for more than 60,000 employees.
Bayzat highlighted that the pandemic served as a sweeping catalyst for change, as businesses learned important lessons through first-hand experience. “Because of COVID, companies recognised the importance of technology, to be sure,” said Tarek Bayaa, Co-founder & Chief Commercial Officer at Bayzat, “but they also had to confront the importance of providing exceptional employee experiences. Moreover, with the seismic shift toward the digital-first workplace, whether streamlining internal processes such as HR and payroll, or prioritising the health and wellness of their employees, organizations realized they needed to make these services available at employees’ fingertips.”
Bayzat has spent a decade establishing itself as the UAE’s go-to employee benefits platform for companies that want to deliver truly exceptional experiences to their people. Bayzat’s offerings allow businesses to better cater to the needs of employees and drive efficiencies in the HR, payroll, and insurance functions, leading to stronger growth in the bottom line.
“Millennials constitute more than half the UAE workforce,” Talal Bayaa, Co-founder and CEO at Bayzat said. “These are digital natives who are very discerning when it comes to digital experiences, as both consumers and employees. It is little wonder, therefore, that during the lockdowns of last year, we saw a rapid escalation in digital transformation beyond the mere essentials of remote working and business continuity. There was a visible push from employees for their employers to deliver superior workplace experiences, and this explains why our value proposition has resonated so strongly of late.”
Bayzat’s market proposition has never been more relevant. One study of 1,000 employees in 10 countries, showed that COVID-19 had compelled employees to think more carefully about the entirety of their remuneration. Some 46% said the pandemic made them reappraise the value of their benefits when deciding whether to remain with their current employer. Bayzat enables organizations to address such concerns by providing access to insurance and financial benefits within the Bayzat app such as effortless access to top-tier mental-health support, online doctor consultation and prescription delivery services.
In the past year alone Bayzat rolled out 13 high-impact features designed to automate core insurance, payroll, HR, and employee benefits functions. For example, ‘Perks by Bayzat’ provides bespoke offers to employees across lifestyle, food, beauty, insurance, and other sectors – a massive boon to employers eager to differentiate themselves in the labor market. Deeper integrations between the company’s attendance, time-off, and payroll features have translated to more streamlined operations for Bayzat customers.
The last 12 months have yielded an increase in Bayzat app registrations of 100%. And logins to the app have increased by 200%, with employees using the employee benefits platform more than 600,000 times each month. Organizations such as Starzplay, Eat App, Sara Group, and Hult Investments have now placed their trust in the company.
Long standing Bayzat customer Eat App has realized significant increases in the efficiency of their insurance, HR & payroll processes thanks to the Bayzat platform. “The high degree of automation that Bayzat’s solution provides has saved us countless hours and enabled us to refocus on more impactful areas such as taking care of our people,” said Sabahatt, Director of People and Culture at Eat App. “Not only do our employees value the convenience and ease of access that the platform provides, they also appreciate the range of insurance and employee benefit features that they have access to through the Bayzat application.”
Over the next 18 months Bayzat plans to double the customer and revenue growth it saw across 2020 and Q1 2021. It will continue to introduce high-impact features and employee benefit offers and will roll out third-party integrations such as with industry-standard accounting softwares. Bayzat also plans to begin market expansion across the GCC and international territories.
“This is the Year of the Employee,” said Brian Habibi, Co-Founder and CMO at Bayzat. “UAE businesses need to up their game in the employee-experience arena to entice the best talent and compete. As a UAE-born company with compelling technology solutions that are ideally suited to this purpose, Bayzat is uniquely positioned to partner with such companies and empower them to effectively elevate employee experiences.”