It’s been quite a turbulent year to say the least, and employee benefits have had to adapt to meet employees’ changing needs.
Employees’ financial wellbeing has always been important and is a key pillar of overall wellbeing and happiness at work.
Thankfully, the right employee benefits can help combat some of the financial challenges faced by HR and employees during the pandemic.
The financial challenges we face
While many have lost jobs, others have had their hours and wages cut since the beginning of the pandemic.
For the majority of the Coronavirus Job Retention Scheme (CJRS), many have had their income cut down to 80% or even lower.
The economic downturn has led to calls for the government to provide further economic support, most notably with the free school meals campaign which has seen many businesses across the UK provide free food to disadvantaged children during the school half-term.
Entering the final months of the year, and in the run up to Christmas, many face a difficult few months of budgeting and managing their finances.
So, how can employee benefits discounts help?
How employee benefits discounts can help cut costs
When it comes to budgeting and managing finances, every penny counts and many will be looking at every area of their expenditure to see where they can save.
The weekly/monthly shop
Thankfully for many, the UK Government have provided some support to cover living expenses such as mortgage holidays for example. For other expenses such as the weekly or monthly shop however, the cost for many remains the same.
Employers can help employees in this sense through providing employee discounts as an employee benefit. Even a small discount can yield significant savings over time when used on the weekly or monthly shop and can help make this big expense a little easier to manage at a time where it’s needed most.
Discounts on technology can help massively too. Throughout the pandemic we’ve relied on technology to remote work, keep us entertained, for education and to connect with our loved ones.
Reliable tech usually comes at a cost, and so employee discounts on tech are more important than ever.
There’s also been a focus for many on different forms of exercise and boosting overall health and wellbeing. As part of this, cycling has seen a surge in popularity this year.
Whether it’s buying a bike, parts or accessories, employee discounts can help with this too and while the weather may dictate how often we can get out on the bike, getting that Turbo Trainer at a discounted price and bringing the bike inside could help a lot of people keep up their favourite exercise throughout the winter months.
DIY and home improvements
As part of a reported 1.5% increase in retail sales in September according to the Office for National Statistics, DIY and home improvement sales have played a big part.
Whether it’s essential work and maintenance or casual DIY, many have used isolation and extra time spent at home to get things done around the house. Offering discounts to employees on DIY could help them save more than you think!
Save even more in the sale
With employee benefits discounts that can also be used on sale items, employees can save even more on Black Friday, on Christmas shopping, right through to the boxing day sales and beyond.
Employee discounts aren’t by any means the full solution to employee financial wellbeing, but during a period of financial uncertainty and while many look to cut costs, they are important and there’s no limit to the savings employees can make.
Find the right employee discounts package for you
Of course, it’s not just employees who’ve felt the financial effects of the pandemic. Employers have felt it too and so it’s important for companies to get the right employee benefits discounts package in place for them.
The rewards for doing so are improved overall wellbeing that comes with helping employees improve their financial wellbeing at a time where they need it most.
At caboodle, we provide a whole range of lifestyle benefits including a flexible instant discounts package designed to suit your employees as well as your budget.