[UK] Increase in uptake of employee perks and benefits

[UK] Increase in uptake of employee perks and benefits
19 May 2023

In the UK, new data analysis by an employee benefits provider has revealed an increasing demand for financial savings on day-to-day shopping and living expenses through employee perks and benefits, Employee Benefits reports.

March and April user data for HIVE360’s employee benefits app Engage shows that UK employees are using financial benefits more. Downloads of shopping discounts for retailers including Tesco, Asda, Sainsbury’s and Morrisons are up by 10 per cent month-on-month.

Discounts on mobile-based retail and day-to-day spending savings from the benefits app have also reportedly increased; going up by six per cent from March to April.

In comparison with shopping and mobile discounts accessed by Engage users in the last six months of 2022, the volume of retail discounts downloaded is significantly higher. The difference between data for last year’s Q3 and Q4 showed just a two per cent increase.

The figures were published as new research commissioned by the Mental Health Foundation reveals that one in ten (10 per cent) UK adults feel hopeless about their financial circumstances.

The Mental Health Foundation’s report - Uncertain Times: Anxiety in the UK and how to tackle it - states that financial stress is giving rise to anxiety across the UK. According to its findings, the most commonly reported cause of anxiety is being able to afford to pay bills; reported by 25 per cent of respondents. 40 per cent said that financial security would help prevent anxiety.

Other data published by CIPD reportedly shows that only two in five employers (42 per cent) have a financial wellbeing policy, either standalone or as part of a wider employee health and wellbeing strategy (31 per cent) and that two in five (39 per cent) employers do not have a financial wellbeing policy or plan to introduce one.

“Fueled by rising inflation, interest rates and the cost of living crisis, the real value of workers’ pay has dropped, meaning huge numbers of people are struggling to make financial ends meet,” David McCormack - CEO of HIVE360 - said. “Employee benefits are one significant and cost neutral solution that employers can use to provide their workforce with tangible financial support, and have the potential to play a huge role in enhancing an employee’s life, both at and away from work.

“The latest user figures for the financial benefits accessed via our Engage employee benefits app would suggest that growing numbers of workers lucky enough to have these kinds of discounts and savings available to them, are using them more and more.

“Access to shopping discounts can help significantly to cover some of the inflationary pressures. Employees taking advantage of these and other discounts on our Engage app can potentially save the equivalent of a £1600 gross salary increase when used consistently for everyday shopping and lifestyle spending,” Mr McCormack added.

HIVE360 provides its Engage Employee Benefits app as standard to businesses that outsource payroll and employment administration to the company. The app includes My Training, My Health, My Money, My Discounts and My Work features. 

Mr McCormack said, “Businesses looking for cost-effective tools to help workers manage spiralling inflation and soaring living costs, as well as optimise talent attraction and retention strategies, should find out how employee benefits make a difference. A customised digital mobile employee benefits and rewards package that is focused on employee engagement, benefits, rewards, and retail discounts is the ideal delivery method.

“Given growing evidence of the impact financial worries is having on people feeling stressed, anxious and hopeless about personal finances, employers should aim to include 24/7 confidential support of employees’ mental and financial health and wellbeing as part of their employee benefits and rewards solution,” he says.


Source: Employee Benefits

(Links and quotes via original reporting)

In the UK, new data analysis by an employee benefits provider has revealed an increasing demand for financial savings on day-to-day shopping and living expenses through employee perks and benefits, Employee Benefits reports.

March and April user data for HIVE360’s employee benefits app Engage shows that UK employees are using financial benefits more. Downloads of shopping discounts for retailers including Tesco, Asda, Sainsbury’s and Morrisons are up by 10 per cent month-on-month.

Discounts on mobile-based retail and day-to-day spending savings from the benefits app have also reportedly increased; going up by six per cent from March to April.

In comparison with shopping and mobile discounts accessed by Engage users in the last six months of 2022, the volume of retail discounts downloaded is significantly higher. The difference between data for last year’s Q3 and Q4 showed just a two per cent increase.

The figures were published as new research commissioned by the Mental Health Foundation reveals that one in ten (10 per cent) UK adults feel hopeless about their financial circumstances.

The Mental Health Foundation’s report - Uncertain Times: Anxiety in the UK and how to tackle it - states that financial stress is giving rise to anxiety across the UK. According to its findings, the most commonly reported cause of anxiety is being able to afford to pay bills; reported by 25 per cent of respondents. 40 per cent said that financial security would help prevent anxiety.

Other data published by CIPD reportedly shows that only two in five employers (42 per cent) have a financial wellbeing policy, either standalone or as part of a wider employee health and wellbeing strategy (31 per cent) and that two in five (39 per cent) employers do not have a financial wellbeing policy or plan to introduce one.

“Fueled by rising inflation, interest rates and the cost of living crisis, the real value of workers’ pay has dropped, meaning huge numbers of people are struggling to make financial ends meet,” David McCormack - CEO of HIVE360 - said. “Employee benefits are one significant and cost neutral solution that employers can use to provide their workforce with tangible financial support, and have the potential to play a huge role in enhancing an employee’s life, both at and away from work.

“The latest user figures for the financial benefits accessed via our Engage employee benefits app would suggest that growing numbers of workers lucky enough to have these kinds of discounts and savings available to them, are using them more and more.

“Access to shopping discounts can help significantly to cover some of the inflationary pressures. Employees taking advantage of these and other discounts on our Engage app can potentially save the equivalent of a £1600 gross salary increase when used consistently for everyday shopping and lifestyle spending,” Mr McCormack added.

HIVE360 provides its Engage Employee Benefits app as standard to businesses that outsource payroll and employment administration to the company. The app includes My Training, My Health, My Money, My Discounts and My Work features. 

Mr McCormack said, “Businesses looking for cost-effective tools to help workers manage spiralling inflation and soaring living costs, as well as optimise talent attraction and retention strategies, should find out how employee benefits make a difference. A customised digital mobile employee benefits and rewards package that is focused on employee engagement, benefits, rewards, and retail discounts is the ideal delivery method.

“Given growing evidence of the impact financial worries is having on people feeling stressed, anxious and hopeless about personal finances, employers should aim to include 24/7 confidential support of employees’ mental and financial health and wellbeing as part of their employee benefits and rewards solution,” he says.


Source: Employee Benefits

(Links and quotes via original reporting)

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