As the world reels from the impact of the pandemic, global conflicts and economic turmoil, the cost of living is spiralling up, and fast. People everywhere are struggling to balance the rising costs of groceries, petrol, electricity bills and more, and this is putting a great amount of stress on employees.
A recent survey revealed that 72% of global HR managers feel that cost of living increases are negatively impacting the work of their employees, so now is the time for employers to step in and alleviate these pressures where they can.
We know that a company-wide pay rise isn’t the solution, as it’s not possible for most companies and won’t be sufficient to keep up with rising costs.
But employers can still support their employees’ financial wellbeing with various low-cost initiatives, and have a chance to make a difference during challenging times. Let’s dive into a couple examples:
How Netwealth created a seamless discounts experience to improve EVP
One of the ways organisations are navigating the rising cost of living is by offering benefits to extend employees’ disposable income. Netwealth is a leading wealth and portfolio management company in Australia with 500 employees working across multiple divisions.
When the company noticed that staff weren’t engaging with its previous discounts offering, the team decided to look for a new platform that could match Netwealth’s needs while driving retention.
Netwealth partnered with Reward Gateway to deliver a variety of benefits that would meet the expectations of Netwealth’s diverse workforce. It was essential that staff could easily access discounts, vouchers, Cashback options and tech deals to find unique options to meet staff's individual needs.
Since launching 'WorkPerks,' 87% of Netwealth’s entire workforce are now registered users, and in the first year, employees spent $419k through the platform and saved $24.4k. The organisation has seen an impressive 180% ROI on their overall program.
Using benefits and reward to reinforce employer brand and drive engagement
Accenture is a global consulting firm that has experienced tremendous growth over the last 20 years and is now one of the largest in the industry, with multiple appearances in Fortune’s ‘100 Best Companies to Work For’ list. With more than 4,500 employees working around Australia, Accenture is recognised for attracting and retaining high-performing and highly skilled global employees.
To enhance its overall employee value proposition and retention strategy, Accenture worked with Reward Gateway to launch 'Perks at Work' as part of its benefits suite to deliver a wide selection of discounts on a customised platform. Roughly 80% of Accenture's workforce are registered users on Perks at Work, and in one year employees saved $650k through the platform.
Access to savings on everyday items from retailers like Woolworths, Coles, Kmart and David Jones, along with entertainment, travel and leisure discounts from places like JB Hi-Fi, Ticketek, Event Cinemas and Jetstar meant Perks at Work ticked Accenture’s boxes – and more importantly, made a meaningful impact on its people’s day-to-day expenses.
During a challenging and stressful time for employees, employers have a unique opportunity to offer meaningful support and ease the financial burden for their people. If you're looking for more low-cost ways to help your employees through cost of living increases, get in touch with us, and a member of our team will walk you through our solutions to extend disposable income.