Employees are the lifeline of any organization, and as such, employee well-being is fundamental for organizational success.
For the young Nigerian 21st-century professional, employee benefits are a shortlist of HMOs, bonuses, mandatory pension schemes, and annual leave, all of which are viable but may not satisfactorily reflect an average employee navigating life and work in Nigeria.
Employee benefits are transforming, with employees expecting more than just a paycheck. Companies across the globe are realizing the impact of well-structured benefit programs on employee retention, productivity, and job satisfaction.
In Nigeria, workplace well-being is gaining momentum, and the demand for innovative solutions has never been higher.
Recognizing the need for more holistic and meaningful employee benefits, three Nigerian founders started Credley – an innovative platform offering comprehensive rewards and benefits tailored to employees’ needs.
The Birth of Credley
Oluwatobi Adegun, Oluwatosin Adegun, and Boluwatife Sodipo bore witness to the challenges faced by employees in their respective places of employment.
The CEO, Oluwatobi, recalled a colleague’s struggle to finance his mother’s surgery, which affected his motivation to work when unable to secure a loan from the company.
The other founders also observed the struggles of young professionals living from paycheck to paycheck, amid challenges such as increasing healthcare costs, mental health concerns, lack of fitness programs, inadequate employee benefits, and more.
These founders deeply empathize with employees’ everyday challenges, imbuing their vision to revolutionize the way companies care for, connect with, and reward their employees. Through their research, and engagements with organizations, they discovered that many Nigerian businesses still adopt the legacy approach to benefit management, and their structure and framework were simply outdated.
What became even more evident was that many companies were stuck offering benefits packages that failed to keep up with the changing needs and expectations of today’s employees.
Oluwatobi’s leadership, project management, and finance background drives his heartfelt mission to improve employee financial well-being and job satisfaction.
Oluwatosin, whose vision is to create a platform that provides meaningful benefits to employees that fortifies their loyalty to their organizations, brings his expertise in commercial marketing, consumer behaviour, and marketing strategies as the Chief Commercial Officer.
Boluwatife, the Chief Product Officer is a seasoned product manager and analyst who channels his startup experience, into building an innovative solution tailored to the unique needs of employees, to enrich their well-being.
Collectively, they recognized a gap in the market, where employees yearned for more than just financial remuneration, and bland benefits but desired solutions that embodied financial stability, learning opportunities, and a deep sense of value.
The Turning Point
Fueled by the inadequacy of conventional employee benefits systems to meet the evolving workforce’s needs, this dynamic trifecta began to weave their solutions into the Nigerian workforce, and in March 2022 christened it ‘Credley.’
Starting with employee salary advances to bridge immediate financial needs and upcoming paychecks, with 3 companies as their initial test group, the founders heeded the employees’ feedback, and they soon realized the need for more comprehensive solutions.
This led to Credley’s evolution, aiming to redefine employee benefit systems in Nigeria. Employing improved technology and APIs, they advanced to design a single integrated system for employee benefit management.
Their holistic approach goes beyond financial services and incorporates the 21st-century average employee lifestyle. Through strategic partnerships with leading insurance companies, digital learning organizations, and top-tier merchants such as Primark, Adidas, ASOS, and Amazon, they introduced a diverse array of perks, segmenting them into different hubs; Financial, Learning, Celebration, and Benefit. Each hub caters to the diverse needs of employees with a focus on flexibility and accessibility.
The Financial Hub offers salary advance and on-demand salary, allowing employees to access up to 70% of their earnings.
The Benefits Hub serves as a centralized platform for organizations to efficiently manage and provide a wide array of perks and benefits to their workforce.
The Celebration Hub focuses on staff recognition and rewards, while the Learning Hub offers a wide range of online career development courses.
Credley emphasizes employee happiness for enhanced productivity and motivation, echoing Oluwatobi Adegun’s words, “A happy employee delivers more than expected.”
Fostering Empathy-Based Leadership Culture
At its core, this modern-day employee benefits platform is a commitment to enhancing the work-life balance of every individual in an organization, by nurturing a corporate culture steeped in empathy.
This progressive leadership approach is gaining recognition as a force, capable of reforming the workplace experience. Through its services, Credley enables companies to deliver on their promise of genuine care, making them the preferred employers in a competitive talent market.
Recent studies have reinforced the importance of employee benefits for job satisfaction and retention.
Harvard Business Review found that 80% of employees prioritize benefits overpay raises. An EBRI survey found that 83% of employees consider benefits important for them to join or remain with a company.
Similarly, 92% in a SHRM survey view benefits as essential for job satisfaction. Recognizing these realities, Credley aims to redefine leadership and create a more caring, connected, and contented work environment in the continent.
On Growth and Future Perspective
A year and a half since its inception, today, Credley stands proud with a growing presence, having successfully partnered with organizations across various industries and engaging a substantial user base of over 350 active employees.
The CEO acknowledges that this journey has not been without its hitches, with numerous challenges that demanded skilful navigation.
Overcoming regulatory complexities in Nigeria, convincing change-resistant organizations, securing essential resources, and raising employee awareness were significant hurdles.
Despite these, Credley remains undeterred in its mission to redefine the overall employee experience.
Their current user base has experienced an 80% increase in employee productivity, a 40% uptick in employee retention across various organizations, and a notable surge in job satisfaction.
This company is championing empathy-based leadership, placing employees and their well-being at the forefront in Nigeria and beyond.
This approach, and a commitment to enhancing employee well-being, has not only carved a niche in the market but is also reshaping the employee benefits system in Nigeria. What began with a simple idea and a determination to make a difference, now continues to evolve, enriching the lives of countless individuals in Nigeria and beyond.