With the festive period fast approaching, it’s likely that your employees are starting to think about how they’re going to celebrate.
Part of this is planning what needs to be put on the purchase list. Then budgeting for it.
According to the Bank of England, the typical household in the UK spends just over £2,500 in a month. However, in December, we spend on average almost £740 more. Which is a 29% increase.
Trying to balance creating a fun festive period for ourselves and our loved ones can be difficult.
However, there is a lot that you can do as an employer to help your employees make the most of the festive period.
Using your employee benefits package to help your employees ease the stress of the festive period, is a great starting point.
Here we’ll go through some of your options and the difference they can make to your employees.
There’s a lot of shopping involved in the festive period, and the total adds up quicker than we think.
Having instant discounts available for the big high street retailers and online retailers can help your employees save loads of money. Even hundreds of pounds for those who like to go all out!
Savings at the supermarket can really add up too. The turkey for dinner and prosecco can all be bought at discounted prices!
A wide variety of retailers are available through our instant discounts scheme to help your employees take care of gifts, decorations and a treat for themselves too!
A great perk of this scheme is that it’s available all year and there’s no application process, so employees can buy bits throughout the year to spread the cost.
Most retailers will have some form of discounts around the festive period. Whether this is Black Friday for the big present purchases or boxing day sales to treat yourselves. With instant discounts, you can still make use of the instore discounts on top of your instant discount amount.
Another great option is the Technology Scheme, allowing your employees to spread the cost of their brand-new tech.
Whether it’s a new gaming device for the kids or a new TV for the family, technology is likely to be on the wish list amongst your employees somewhere.
Different employees will have different reasons for buying new tech, and the technology scheme can help them all to make their purchases easier.
Financial related benefits
It’s great to offer your employees extra savings.
As the festive period comes around annually, considering how you can support employees in creating a smarter financial routine is key too.
Keeping a good grasp on their finances could end up helping employees to have more savings to use for the festive period.
Financial Planning is a scheme that gives your employees access to impartial advice from financial services experts.
This allows them to put plans into place when it comes to changing their spending habits.
Another great addition to your employee benefits package would be a financial education library.
This is an online library of advice and tips on lots of different financial topics. Your employees can visit the library anytime and use it to find ways to successful save money.
Both of these schemes can either be used around Christmas to save on expenses or all year long to add a little extra money to the Christmas spending pot! Or both!
Christmas Club Scheme
The Christmas Club savings scheme is an employee benefit specifically designed to help employees with their finances around the festive period. Employees put an amount of their monthly salary into a dedicated holding pot. This is then given to the employee in the form of gift-cards to spend on what they need to make the festive period the best it can be.
Christmas Club is best implemented at the beginning of the year to help employees make the most of the months of saving, so that they have a good amount of money available for festive spending.
Helping your employees to spread the cost of their festive spending or create better financial routines can give them the chance to make the most of this quality time with their loved ones, which will have a positive effect on their wellbeing.
Get in touch to find out more about how you can help make the festive period easier for your employees and about the other great benefits we can provide at Caboodle!