People across the UK are currently facing new financial concerns as the cost of living continues to increase. A recent study revealed that four in ten UK employees listed money as their biggest worry, and 65% of respondents would like more financial support from their employers1.
Supporting your employees through the cost-of-living crisis using an employee discount platform is one way you can demonstrate your commitment to your employees’ wellbeing and can provide them with some additional financial support. Equally, in doing so, your business will benefit too. According to CIPD, employee benefits offer a way to attract and retain employees, contribute towards improving wellbeing and enhancing staff engagement. UK employment agency, Reed, defines these benefits as extra incentives provided by employers in addition to a worker’s normal salary and wages.
Here are some reasons why an employee discount scheme can make a difference to your employees and help your business weather the current crisis.
1.Recruit and retain your greatest assets
Employers need to offer something that will stand out from competitors, be it with a competitive salary and a top-class employee benefits package. Employees want to feel valued and that they are being offered something which matches what they’ll be bringing to the team. Employee discounts offer a variety of savings to suit all lifestyles and are a benefit that employees find desirable, particularly in the current climate.
In the current “candidates’ market”, businesses need to go that extra mile to set themselves apart. Prospective employees want more than just a great salary, they are looking for comprehensive benefits, and employee discount schemes are a great benefit to incorporate into the package.
2. Improve employee wellbeing
Employee discount schemes can be so much more than saving money on groceries, clothes and holidays. Ensuring your teams are healthy, physically, emotionally and financially, can make your company stand out from the rest. Employees will most certainly feel a sense of belonging knowing their employer wants them to be healthy, safe and happy. A healthy employee will bring a positive attitude to the workplace, and ties in with the whole concept of a work-life balance, showing the company cares further than just work, work, work!
When employees can make savings on high street purchases, it gives them the flexibility to spend a little more or save some extra cash, which can relieve financial pressures. As we all know, some everyday expenses simply can’t be avoided, so for employees that are stressed about their finances, shopping discounts are a convenient benefit that can have a positive impact on their financial wellbeing.
Shopping discounts can be used on a regular basis, so they provide an easy way for employees to stretch their household budget further, reducing financial strains. The money saved can provide a buffer that allows employees to feel more financially comfortable. By providing this benefit, you can reduce employees’ financial worries and concerns.
3. Savings for everyone
In the current climate, any saving is very welcome. Employees can save on their everyday shop, gym memberships, cinema tickets, technology, days out and much more. Used regularly and over the course of a year, the savings on groceries using employee discounts can really add up. The ONS estimate the average family spends £3,312 on the food shop each year. An average saving of £400 using Fizz Benefits over the course of a year – a significant amount that I’m sure anyone would welcome back in their pocket.
Essentially, employee discount schemes help employees’ pay packets go further and increase their overall financial wellbeing. They’re especially effective when they offer discounts for products and services that employees buy regularly. For example, cash back on your weekly supermarket shop which over the course of the year can really add up to a significant savings. Secondly, because employee discount schemes are very reasonably priced, the employer also saves money – they’re able to offer a great perk to their employees without a high price tag
4. Make it your own
Employee discount schemes are simple and straightforward to use for both employees and employers. Businesses can rebrand them as their own platform and include the wider benefits they may already offer, such as PMI, pensions and group life insurance all in one place, which makes it much easier for any HR team. The online platform can be accessed anytime, anywhere.
From an employee perspective, it’s very easy for them to take advantage of the benefits employee discount schemes have to offer. The best platforms out there make it simple for them to browse the discounts that are available to them and redeem them at their convenience. Many have a smartphone app as well as a desktop website, meaning employees can access discounts on the go.
If you haven’t considered employee discount schemes, now is the time. They are perks that don’t take a lot of work to put into action – but could have a powerful impact on your people and your business.
Book a demonstration today.