We’re always striving in the benefits world to help employees’ pay go further, aren’t we? With inflation reportedly outpacing wage growth, and fuel bills rising, the provision and communication of decent benefits and discounts will play a crucial role in helping employees with this ever increasing cost of living.
Here are our top three tips to help employees make their pay go further and help them make good decisions around their everyday living expenses.
Provide access to impartial financial guidance
Help your employees by giving them easy access to impartial advice on how to manage debt, plan finances, where to put any savings they may have, how they might access retirement income, will making, getting the right insurance protection for the family, ways to pay for the cost of care etc. The list is endless. Planning and getting finances in order will help them not just now, but for the future too. At You at Work we provide a feed on our platform directly from the Government backed Money Helper which gives free and impartial information.
Cost of living communications
Put together a comprehensive benefit communication plan, using all your comms channels, that isn’t just a one-off event. Perhaps also run a special event to focus on all the benefits that could help them with their cost of living right now. Work with your benefits provider to do this and make good use of online and offline comms. At You at Work we have an integrated campaign manager that allows us to manage automated campaigns on behalf of all our clients, making it easy for them to make sure their employees don’t miss out on vital offers that could make them much needed savings.
Show them how to double up discounts
We’re currently running a campaign to all our clients’ employees showing them how they can save money if they use their discounts on a regular basis, plus how to double up the savings. We’re calling it #makeyourpaygofurther. For example, using an online cashback scheme has saved one of our employees over £460, just from getting into the habit of buying goods online through the scheme we offer. We’re also about to show employees how they can make a saving of over £700 per annum by making the most of supermarket savings on their portal and combining this with other ways of saving the supermarket has to offer – doubling up!
If you’d like to know more about how working with You at Work could support you and your employees through this cost of living crisis, we’d love to talk.