As the COVID-19 pandemic continues to change the way we work, some employers in India have updated their employee benefits and allowances structure to make them more relevant to current times. Benefits include health insurance, term insurance, hybrid work models and reimbursements related to mobile and Internet usage.
Human resource departments across organizations have been busy identifying and optimizing their processes to match the new normal. One area that needs massive improvement is the meal cards distributed to the employees. Meal Allowances are an important component of the benefits offered by organizations to their employees.
Traditionally, most organizations rely on physical meal cards to reimburse employees for their pre-defined meal expenses. It does not fit well with the work-from-home setup that most of us follow currently. Interestingly, even after the pandemic is over, human behavior in some aspects will not go back to how it was pre-pandemic.
The need to shift to a digital alternative
- One of the biggest problems with physical meal cards is that the chances of losing them are very high. Also, physical cards come with an expiry date, so there is always pressure on the employees to utilize their meal cards before the expiry date.
- Since most employees are working from home, organizations have to send them meal cards via courier. It leads to loss and mishaps in deliveries. Moreover, the logistics cost gets added, which is not favorable for employers.
- Traditional meal allowance and reward services companies that rely on the distribution of physical meal cards work on old and outdated operating models. So, every time a new employee joins an organization, these meal allowance and rewards services companies have to issue a card to him/her. The manual process can lead to inefficacies like lags in issuing cards to new employees or missing to do so altogether.
- The number of merchants that accept physical meal cards by outdated meal allowance and rewards services companies is limited.
- The final and the biggest drawback of traditional meal coupon instruments is that they are not COVID-compliant. A physical meal card requires employees to shop for their meals by going to a large crowded physical store due to limited acceptance.
It requires employees to exchange physical cards with the store owner and then touch the card machine to enter the pin. Hence, it does not comply with the need for exchanging food/groceries in a contactless manner, which is expected of us during the current times.
Why is Paytm Food Wallet your best bet?
- Paytm Food Wallet is 100% digital and leverages the widely used Paytm App (Consumer App). Employers can directly send (without relying on a third-party vendor) food allowance to their employees’ Paytm Food Wallet, which they can use anytime from anywhere.
- Being a fully digital instrument, Paytm Food Wallet helps organizations save significantly in logistics costs associated with sending out physical meal cards. Moreover, it is instant with no time lag.
- Organizations have full control over their meal allowance expenses as they are not dependent on a third-party card issuing company. They can add or delete, on their own, every time a new employee joins or an old one leaves the organization to ensure there are no lags or wastages.
- Being a digital instrument, Paytm Food Wallet is a COVID-compliant tool that lets employees spend on their meal expenses in a contactless manner that too at their preferred stores by standing at a distance and scanning the QR code to make payments.
Paytm Food Wallet is one of the most effective tools of modern times as it lets employees spend their meal benefits wherever and whenever they choose to. So, what’s stopping you?