How Equifax eased cost of living pressure for its people

The challenge

Between a global pandemic and a heightening cost of living across Australia, both individuals and their families and the businesses they work for are feeling the strain on their budgets – and their stress levels.

Additionally, with the existing intranet system, employees often struggled to find information on the benefits they already had – and when they could find it, oftentimes it was already well out of date.

Equifax also saw a spike in its attrition rate during the pandemic – to a figure nearly double the prior norm. And at an average cost of 50% of the leaver’s salary, this was a big hit to the company’s bottom line that needed immediate action.

After an employee survey revealed the number one desire for employees was retail discounts to help combat the cost of living, HR knew it was time to act. Looking for the most creative solution with the most bang for their buck, Equifax turned to Reward Gateway.

The approach

The HR team at Equifax launched a company-wide survey for a temperature check on existing benefits offers – probing deeper with questions like Which benefits do you value, which don’t you value, what are we missing, and what would you like to see? Consistently, employees wanted discount options to address the cost of living.

The organisation’s answer to employees’ struggle to find up-to-date information on their benefits package and other HR resources was to launch a centralised platform hub, which they named ‘BenEFX,’ which now hosts all of those resources in one easily accessible place.

To help address the financial strain of the current economy, Equifax also launched Reward Gateway’s benefits program to take advantage of savings and cashback offers at hundreds of retailers. Employees now enjoy discounts on everything from everyday essentials to travel and luxury purchases.

The result

After launching BenEFX, Equifax found its voluntary attrition rate drop by several percentage points, which reduced that cost by several hundreds of thousands of dollars (per percentage point drop!).

Want to hear the full story of how Equifax alleviated cost of living pressures for its people while building a strong business case to enhance its EVP with impactful benefits? Check out the webinar recording below.