Benefit in the Spotlight
COVID-19 has affected each and every one of us differently, but a consistent theme has been that more of us than ever are having to work hard to stretch our salaries.
With approximately 11.5 million employees* having been furloughed at some point in the last year, anything that employers can do to support their staff financially must be taken into consideration.
A quality Discounts solution, providing a variety of savings and offers via an online platform, can help to support employees get back on their feet following a year of uncertainty.
Discounts - why are we shining a spotlight on it?
New research has revealed that 39% of UK staff believe a greater choice of discounts and perks would make them more satisfied with their employee benefits**. Both employees and employers are aligned in their focus on Financial Wellbeing, pushing products such as Discounts into the limelight.
Below we highlight 3 key reasons why employers should consider making Discounts part of their benefits package.
Financial savings
The most obvious impact that a Discounts scheme could make is the financial savings available to employees. With discounts between 3% and 7% available at supermarkets such as Morrisons, Tescos and Sainsburys (depending on provider), employees can start to see significant savings very quickly if they take advantage of options available.
Many providers also offer cashback options for certain retailers, allowing employees to make further savings and help stretch their salaries.
Support the return to normality
With lockdown hopefully a thing of the past and the furlough scheme ending, the world is starting to return to normal. Eating out, going shopping and watching the newest films at the cinema have been missing from our lives for a while, and to support with employees wellbeing employers should be encouraging them to start going out and enjoying these activities again if they are comfortable in doing so.
A Discount solution will support in making these activities more affordable for employees, ensuring that they get to restart their social lives as soon as possible. A good work/life balance is imperative for a flourishing employee population.
Promoting your flex platform
Demographics who are traditionally disengaged with a flexible benefits platform, in particular those under 24 and lower earners, are likely to be enticed into the platform with the addition of a Discounts solution. Once in the platform, it is highly likely that an employee will navigate through into other areas, where upon they could discover other useful benefits, as well as EAPs and wellbeing tools that are often hosted within a Flex system.
A Discounts solution if attached could help increase the overall engagement into a Flex platform, and the potential to promote other important products and benefits could lead to further positive impacts on employees who are exposed to the content within.
So, what is a Discounts portal?
A retail discount portal is a very popular, low cost benefit that employees can voluntarily participate within that can increase employee engagement. They are generally simple to implement, will be at the lower end of the employee benefit costs package and offer a wide range of discounts to be relevant to a large percentage of employees.
Most providers will offer discounts, cashbacks, pre-paid cards and instant/eVouchers at the main supermarkets and high-street retailers as well as online shops. Many of these providers may also offer a reward & recognition scheme due to their capability to fulfil voucher & gifts.
What's next?
If you're interested in learning more, please get in touch with us. Our contact details can be found on the next page.
Sources
* https://www.statista.com/statistics/1116638/uk-number-of-people-on-furlough/ ** https://employeebenefits.co.uk/39-uk-employees-want-bigger-benefits-discounts-offering/