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Back in November, we talked about the value of making employees' wages go further. How, generally, with less money in their pocket, or bank account, the workforce has an extra appreciation for employee benefits. And how – as a result – employee benefits are becoming increasingly important for both recruitment and retention. If you, as an employer, offer our four top benefits, the net cost to your business will be £0.
Each of your employees who opts into four of our top benefits could save the equivalent of 6.2% (or more) of the average UK wage of £27,000.
That would be a heck of a pay rise in the current economic climate (especially now that inflation has just hit 3.1%).
Here’s how it splits down:
Pure card* (based on current average rebates) £125
Techscheme (based on the average spend of £700) £84
Cyclescheme (based on the average spend of £755) £189
care-4 (based on the maximum contribution of £243 per month) £933
*Pure rebates are currently averaging 5.8%, and our savvier savers are actually recouping much higher figures than this over 12 months.
Interestingly, Hay’s 2017 report on ‘What workers want’ suggests that employers should focus on benefits options, not fixed benefits. This ties in with what we already know about choice being a key engagement factor for both employee rewards and benefits, and for consumer incentives and rewards. It’s why we offer additional lifestyle benefits (also at zero cost), such as cinema tickets and dining discounts (both of which also provide shareworthy experiences).
With staff turnover running at 16% in the UK (CIPD, 2017), and the true cost of replacing someone running at over £30,000 (Oxford Economics, 2014), the reality is that a great benefits programme which offers a range of employee savings, wellbeing and lifestyle benefits has become more and more important to companies of all sizes.
If you want to compete for the best talent; and if you want to engage your current employees more strongly to retain them, talk to us about the realities of how enhancing your benefits programme. You’ve got nothing to lose.