Many of us would like to be more on top of our budgets, but it can be difficult to start saving, especially when it feels like there is always another unexpected cost and the bills keep coming. And with the latest report on the falling value of the pound further complicating a cost of living crisis we’re all too well aware of, every bit of saving counts.
According to a report by the Bank of England, 29% more is spent by the typical household in December than in other months.
If your company has been focussing on improving their employee benefits strategy and offerings to your people, this can be a great time to give your benefits a little extra attention to help your employees get the most of them. In the lead-up to the festive season, this can be especially important. Here are a few ways I suggest making your benefits front and centre to support your people:
1. Promote your existing benefits (with a festive twist)
Your people can’t use your benefits if they don’t know what they are, or where they can find them. I love our one-stop-shop benefits app centre that outlines all of our benefits, in the helpful categories for all aspects of wellbeing so I can find what matters to me the most. Your employees might engage best with a quick 1-minute video walkthrough of a benefits hub to see what they might be missing. And all of this, without adding anything to your existing benefits budget!
During the festive season, we’ve ‘unwrapped’ special benefits for our people to bring extra eyes to our internal platform and get them excited about what’s on offer.
To enhance these benefits even more, we’ve introduced small adjustments that really put a ‘bow’ on our benefits, like adding in audiobooks or magazines to our existing book benefits. Giving your benefits a festive look and feel can be a great way to remind employees the big ways they can save this season.
Remember that there may be increased spending on items like technology or other areas, so giving employees easy ways to borrow through a tool like SmartTech™ can be a simple, effective way to help them budget their overall spending.
2. Boost employees’ financial IQ
While finding ways to stretch their disposable income through a benefit like a discounts programme is the easiest, low-cost way to support your people, making information about how to improve their own financial wellbeing comes in a close second. You can find a helpful advice site or curate money advice on a wellbeing-oriented hub for them to read, or even set up a seminar or Q&A with your CFO on easy investment opportunities and budgeting tips.
Next, help employees save even more by signposting opportunities to donate for those who may be in need. One of our manufacturing clients did this, putting the collection boxes in a low-traffic area so it’s more anonymous, and having HR arrange an anonymous form to get access to the donations. Employees donated food, toys and more to support their fellow colleagues – nothing was left over!
3. Make discounts easy to find and accessible
Our platform reaches all demographics and working environments through a variety of ways to access it, whether that’s through the SmartSpending app, a responsive desktop, tablet and mobile version, or even a browser extension that will helpfully remind you there are savings to be had while you’re online shopping!
Every time you’re browsing and you come across one of our Discount retailers, you will get a notification of exactly how much you could be saving. The extension is available for Chrome, Firefox and Microsoft Edge.
Plus, don’t forget to signpost about your discounts on your platform homepage. I love how our client, Midland Heart, reorganised its hub homepage to promote their Brilliant Benefits through tailored tiles around their discounts, Employee Assistance Programme and specifically health and financial wellbeing.
Outside of the hub, did you know that we have a weekly newsletter to let your employees know about the most exciting savings? Make sure that your employees are on top of the latest discounts or additional promotions through this weekly send.
If you don’t have a discounts platform in place, or want to look for a new one to bring in the festive season, we can help you launch an employee discounts programme in as little as 48 hours. Get in touch with our team to learn more about how you can support your employees with everyday savings: