50 Employee Perks

50 Employee Perks to Offer Staff

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Businesses will use all kinds of incentives to encourage staff to work well. These efforts lead to better personal development, higher work output, and greater business success.

A popular way to achieve this is by using an employee perk. However, they only work well if people find them interesting enough to aspire to them.

Whether you’re rewarding new starters or those on your recognition scheme, these perks can help motivate and retain great workers. Let’s look at some of the best employee perks and benefits to use in your business:

Financial perks

1. Bonuses

 Most people would work more if given bonuses. Bonuses show instant appreciation for hard work and efforts – making them a great perk to offer.

2. Commission

 Commission perks are often earned by individuals or entire teams. They promote friendly competitiveness between peers; but in the end, the business wins!

3. Profit shares

 Profit shares aren’t just for those in senior roles. Many businesses use them to promote their retention rates, specifically for their high-flyers.

4. Student loan reimbursements

 Student loan reimbursements are great perks for employees with ongoing debt. It’s incentives like these that can make a difference in their personal lives.

5. Access to salary early

 We’ve all been in situations where we could do with a little more cash. Having access to our salary early can eliminate all kinds of financial penalties and late fines.

Health and wellness perks

6. Gym membership discounts

 Going to the gym isn’t just good for our physicality, it also helps our mental state. From fitness classes to yoga sessions, these healthy perks provide something for everyone.

7. Therapy sessions

 Whether it’s financial troubles or bereavement issues, therapy can help people in times of need. Perks like these vastly improve employee well-being, as well as personal welfare.

8. Meditation rooms

 Meditation rooms provide a space to escape the stresses of life. Employees can use these perks to pray, meditate, or simply decompress for an hour or two.

9. Nap rooms

 Nap rooms are popping up in more workplaces today. Studies show a 20-minute power nap can do wonders for our health. Just be sure to include alarm clocks with these perks!

10. Wellness programs

 Wellness program perks cover all kinds of fields; like therapy, exercise, and even addiction programs. Remember, privacy and confidentiality are paramount in these spaces.

Career progression perks

11. Promotions

 An extremely common perk used to encourage hard work is promotions. These often include higher positions, increased salaries, and greater benefits.

12. Work mentoring

 Some employees are motivated by being able to grow professionally. That’s why work mentoring perks are a must in all businesses.

13. Ambassadors

 When employees are constantly over-achieving, try promoting them as your brand ambassador. They’ll be able to represent your business values with authenticity and pride.

14. References

 Nothing’s more eye-capturing in CVs than a glowing reference. Don’t just save these for existing employees. Offer this perk as part of your career progression program.

15. Paid training

 Many businesses actively help their staff develop their skills and talents. Paid training courses are an ideal perk to have and work in almost any kind of workplace.

Annual leave perks

16. Extra paid holidays

 Most UK employees are entitled to 25 paid holidays per year. But, who wouldn’t want a few more? Perks like these lead to greater engagement, motivation, and loyalty.

17. Additional sick leave

 Most employees receive five paid sick days per year. If you give more, provide perks to deserved employees or across your entire workforce.

18. Late starts and early finishes

 Nothing inspires employees to work harder than being able to finish early and start late. Just be sure these perks don’t interrupt the flow of your business productivity.

19. Birthday off

 A personalised perk you can offer employees is having their birthday off. Roll this out across all your staff for a more caring touch.

20. Four-day working week

 This new fad has its ups and downs; but if it works for you, give it a shot. Again, ensure this perk doesn’t end up costing your business.

Workplace perks

21. Flexible working

 Many candidates actively seek jobs that offer flexible working. You definitely can’t afford to ignore these employee perks at work. Or else you’ll lose candidates to rival businesses.

22. Personalised parking

 Parking perks aren’t just for senior staff or the CEO. Offer it to employees who’ve truly worked exceptionally in recent times or projects.

23. Extra parental leave

 It’s so important for employees to have a healthy work-life balance. Extra parental leave perks allow this – ensuring they never miss out on another family milestone again.

24. Ergonomic furniture

 A great workplace perk to offer is ergonomic furniture. Reclining seats, blue-light-blocking glasses, and gel rest pads – they all help employees work in safer and more comfortable environments.

25. Shared kitchen appliances

 Make employees feel at home with shared kitchen appliances. Toasters, microwaves, fridges, ice machines –  they’ll never worry about being hungry at work again.

Food and drink perks

26. Healthy snacks

 Fruit baskets, juice dispensers, cereal pantries – healthy snacks are a great perk to keep your workforce fueled with energy.

27. Free breakfast

 We all work better on a full stomach, so imagine the potential of your workforce. Why not offer free breakfast as an employee perk? Do it every day or as a special reward.

28. Happy hours

 Many businesses host happy hours; either after reaching certain goals or as a Friday treat. Just be sure to cater to employees who don’t drink alcohol for religious or personal reasons.

29. Food delivery discounts

 In an age where food delivery is the norm, why not offer discounts to help employees save on these extra charges?

30. Celebratory lunches

 Round up the team and celebrate work achievements with a free lunch. You can book a fancy place for a real treat, or order in for an office party.

Recognition perks

31. Company newsletter

 Being recognised for hard work is a perk that helps improve our self-esteem and drive. A great way to do this is through shout-outs in company newsletters.

32. Employee of the month

 Having an ‘employee of the month’ scheme can inspire employees to work hard. You’ll soon be struggling to pick only one person for this perk!

33. Gifts cards

 There are all kinds of gift cards out there – making them a versatile employee perk! Pick ones that everyone will love; or something related to their interests for a personal touch.

34. Awards evenings

Many businesses host awards evenings to showcase their greatest achievements. What a great place to recognise your employees’ diligence, loyalty, and above all, efforts.

35. Dinner with the CEO

 These perks allow employees to receive great career advice. Not to mention, this type of recognition is pretty hard to top.

Discount perks

36. Commute discounts

 Trains, buses, trams – many employees use public transport to get to work. To deal with the costs, offer discounts on travel commutes as the perfect perk.

37. Driving discounts

 Car owners are constantly adding up the costs of driving to work. Tailor your perks to help with fuel costs, parking tokens, and even vehicle maintenance.

38. Technology discounts

 Whilst this may be work-related, providing new tech and apps can be especially helpful for certain employees. Not only can it make work easier, but it can also extend their skills.

39. Accommodation discounts

 In some industries, employees are required to stay near their workplace, or even live onsite. If you don’t offer free accommodation, set up discount perks to help cover rental costs.

40. Company cars

 A super popular perk that many businesses offer is company cars. However, make sure employees comply with relevant driving regulations or you could end up facing costly fines.

Family-related perks

41. Emergency childcare

 Childcare fees are some of the most expensive household bills we have. Offering employee perks for these can really take a load off their mind, as well as their bank balances.

42. Bring your pet to work day

 There’s nothing more fun than playing with pets in the office. They can help encourage happiness and relaxation. Just be sure to check for allergies before initiating this perk.

43. Workplace crèche

 Having a family-friendly crèche at work is such an attractive feature to own. Perks like these allow employees to avoid the stresses of school commutes.

44. Wedding gifts

 Nothing’s better than receiving gifts to commemorate weddings. Send employees wedding gifts to show congrats for their big day.

45. Fertility and adoption support

 Employees who are thinking of having children deal with all kinds of stress. Be supportive by offering fertility or adoption support perks, like paid leave or references.

Social-related perks

46. Social tickets

 There’s a ticket to an event that’ll just about suit everyone’s taste. That’s why it’s a fool-proof employee perk to offer your hard-working staff.

47. Office parties

 Office parties allow employees to celebrate work achievements together. Try to schedule them after pinnacle moments or when your teams need an additional boost.

48. Team-building exercises

 A great perk to offer employees is team-building exercises. Schedule these creative employee perks on a weekly basis or send them off for the weekend if and when needed.

49. Charity donations

 It’s very common for some employees to raise money or awareness for charities they support. Why not match them pound for pound and double their donations as a work perk?

50. Cultural celebrations

 Eid, Hanukkah, Diwali – there are so many cultural festivals celebrated in Britain. Be an inclusive business and enjoy innovative employee perks together! The perfect excuse for a ‘knees-up’!

Contact Love2shop for our awesome corporate perks!

Here at Love2shop, we have the everyday benefits card, which gives employees discounts on big brands. Contact us for more details.

Choosing the right rewards will help your business weather 2023’s early storms

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What challenges will businesses face in 2023 – and how can they overcome them? Frank Creighton, Director of Business Development at Love2shop – guides us through business experts’ forecasts for 2023.

For the first time in a long time, the new year does not herald the unknown. Businesses and households are facing economic challenges set to last until at least midway through the year before experts predict things will begin to slowly recover.

We face a difficult period. But by making the right decisions and focusing on people –employees, customers, partners or resellers – we will be in position to capitalise when the economic upturn comes.

Cast your mind back 12 months. There was a degree of cautious optimism throughout the economy as the world emerged from two dark years of COVID, with experts forecasting a steady recovery.

Within two months, the global economy was in chaos following Russia’s invasion of Ukraine. It brought war back to Europe triggering a huge rise in energy and food prices that sparked a global inflationary crisis.

We are still living with the impact of that ongoing conflict – recently the International Monetary Fund (IMF) said the subsequent recession is currently impacting one-third of the planet. But overall, the economy has settled and become a little more predictable.

There is always a glut of incredible (and not so incredible) predictions for a new year, but I hope you’ll agree that the ones I’ve selected from leading economic experts will offer some words of wisdom for your business in 2023.

A tough start – so make your investment count

In December, the Confederation of British Industry (CBI) downgraded its forecast for the UK economy1 which it now believes will contract by 0.4%. It predicts business investment will be 9% below pre-pandemic levels.

This, it adds, will lead to a year-long fall in consumer spending as squeeze on households continues. Inflation is believed to have peaked but will remain significantly above the Bank of England target this year.

Alpesh Paleja, CBI Lead Economist, said: “Another recession in the space of two years is tough-going. A second year of high – albeit falling – inflation will hit households hard, especially those lower down the income distribution.

“With cost pressures remaining high, many businesses will also be operating in a tough trading environment.

“While it’s some consolation that the upcoming recession will be shallow, it’s concerning that longer-term weakness in productivity and business investment appears to be bedding in. It does not bode well for living standards.”

Similarly, the British Chambers of Commerce, (BCC) which represents Britain’s small and medium-sized businesses, is forecasting a recession lasting 15 months for the UK economy2 with a contraction of 1.3% in 2023.

Alex Veitch, Director of Policy at BCC, said: “BCC research has shown that business confidence has been falling for months. Very few firms will be willing to invest as they face a wall of higher prices, interest rates and taxes.”

With such investment pressure, we all need to make sure that the money we do put into business makes a real difference. Within that, I believe it has to retain skills and talent which presents costs and resource challenges which can affect real-time business deliverables.

Real-terms investment in pay is just one way to do that, however. Employees who feel secure and valued by their employer are more likely to stay. Love2shops latest Employee Value Report found that 36% of employees in the UK say their employer never – or hardly ever – acknowledges their work, while 52% believe their output increases when they feel valued.

Showing your workforce appreciation for their work is one of the most cost-effective ways to improve performance and retain talent – it can be as simple as a thank you or an early finish.

For those who want to create a rewarding system that is transparent and fair, there are affordable solutions that can automate the management of employee reward schemes and deliver data on their impact, such our own modular Love2shop Engagement Platform.

But employers who create a culture of respect and appreciation will see a significant impact on business performance in 2023.

Squeezed incomes will hit discretionary spending

Unfortunately, from a consumer perspective, it is likely that the effects of the recession will last most of the year as inflation and interest rates remain high. Households will reduce spending either because they simply do not have any disposable income or they want to keep what they have in case things get harder.

Yael Selfin, Chief Economist at accountancy giant KPMG, said: “The increase in energy and food prices during 2022, as well as higher overall inflation, have significantly reduced households’ purchasing power.

“Rising interest rates have added another headwind to growth. Lower income households are particularly exposed to the mix of current price pressures, as the most affected spending categories largely fall on necessities, with few substitutes in the short run.

“Households are expected to rein in spending on discretionary items in 2023 in response to the squeeze on income.”3

Meanwhile, Richard Walker, Managing Director of frozen food chain, Iceland (available on Love2shop Gift Cards, vouchers and Contactless Digital Mastercard), said basics such as bread and milk were up 50% in 20224, adding: “We are far from out of the woods. Those who are really on a budget and struggling the most will feel it most painfully.”

But all is not lost. Customer loyalty rewards can help businesses of any size to maintain and increase revenue-per-customer.

Despite cutting back, consumers are more likely to remain loyal to brands in which they have trust and where they see value in being a regular customer.

Brands that operate loyalty or reward programmes that engage customers see, on average, a 15%-25% increase in spending, according to management consultancy McKinsey5. As such, it’s important to foster loyalty within your customer base through a strategic reward proposition. This ensures that customers see value in continuing to spend with your business.

Meaningful rewards will improve recruitment and retention

At Love2shop, we have an enormous cross-section of clients and from every business sector you can imagine.

Over the past five decades we have worked with more than 150,000 companies helping them implement engaging loyalty and reward schemes for both customers and employees.

Looking at this rich source of data across a range of economic peaks and troughs, we believe one of the biggest themes for companies in 2023 will be retention. Winning new customers is always a focus but it can be expensive.

The standard rule of thumb is that it costs around five times more to attract a new customer than retaining an existing one, with new customers also tending to have a lower spend until they become loyal advocates.

Meanwhile recent research has proved that increasing retention rates by just 5% can boost margins by between 25% and 95%.

The Great Resignation 2.0

Similarly, recruiting and training a new employee costs significantly more than retaining and developing an existing one.

Eye-opening figures from the Office for National Statistics (ONS) in December revealed that since the beginning of the COVID pandemic in early 2020, around 565,000 people had left the workforce and had become what is called ‘economically inactive’ – in effect they had retired.

This is part of a wider trend that saw almost three million people change jobs during the same period – a phenomenon known as the Great Resignation

It remains to be seen how that plays out in 2023. However, research commissioned by employee wellbeing specialist, Unum UK6, has revealed nearly one-fifth of the UK workforce (19%) plan to look for new jobs in 2023 – sparking fears of a Great Resignation 2.0.

Unum Chief Executive, Mark Till, said: “Between employees planning to seek new jobs for better benefits or a higher salary and those saying they’ll look at the prospect of a second job, more than 10m workers may make big employment decisions next year.

“It’s important for employers to understand these workers’ needs which include better employee benefits.”

Love2shop recently issued its Love2shop Employee Value Report revealing that 75% of employees believe companies who gift or reward staff regularly are likely to attract and retain a better calibre of employee.

The report also found 41% of those who feel undervalued believe regular rewards from their employer – such as additional days off or gift vouchers – would give them a greater sense of value.

It is worth referencing that research from the Gift Card & Voucher Association (GCVA) reveals 39.5% of consumers received at least one gift card over the last three years through work rewards or incentives.

Evidence is mounting that people are becoming more selective when it comes to where they want to work and how they spend their money. Genuinely forward-thinking, evolving businesses are seriously thinking about how they can attract and retain customer loyalty and employee talent to see them through the challenges 2023 holds.

It is abundantly clear that rewards and incentives must play a central role. Only by offering greater genuine value to employees and customers can you expect them to remain loyal to your business. And needless to say, if any reader wants to shoot the reward and recognition breeze, please find me on LinkedIn and I will respond pronto!

 

Sources:

1 – https://www.cbi.org.uk/media-centre/articles/no-new-year-cheer-for-uk-economy-with-productivity-and-business-investment-weakening-cbi-economic-forecast/#:~:text=The%20economy%20is%20likely%20to,%25%20in%20our%20last%20forecast

2 – https://www.britishchambers.org.uk/news/2022/12/bcc-economic-forecast-long-road-to-recovery-after-over-a-year-of-recession

3 – https://home.kpmg/uk/en/home/media/press-releases/2022/12/living-standards-take-a-hit-as-the-uk-enters-protracted-recession.html

4 – https://www.grocerygazette.co.uk/2022/12/19/iceland-boss/

5 – https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/next-in-loyalty-eight-levers-to-turn-customers-into-fans

6 – https://www.unum.co.uk/about-us/media/cost-of-living-crisis

 

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Christmas is the ideal time to start rewarding your staff

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With the worst cost of living crisis in many years now in full swing both people and businesses are tightening their belts.

According to the Office for National Statistics, 93% of adults in the UK reported an increase in their cost of living in August and September 2022. This hits low income households harder as they spend a greater proportion of their income, on average, on energy and food.

Inflation, currently above 10%, is close to a 40-year high. And economic research specialist Capital Economics is warning the cost of living crisis is turning into a cost of borrowing crisis.

It said people were increasingly turning to credit to pay for food and bills. This was backed up by data from the Bank of England which showed credit card borrowing rose at its fastest pace for 17 years in August.

Peter Tutton, head of policy, research and public affairs at debt charity StepChange, said people were “vulnerable to panic borrowing to try to fill the gap between their income and their essential spending”.

Businesses are also feeling the squeeze. Rising energy, stock and raw materials prices are creating a dilemma of how much to pass on to the hard-pressed consumer. This was brought into sharp focus by retail analysts Springboard in late October. It showed a decline in high street footfall of 3.3% and 1.5% in retail parks over one week.

Now Christmas is on the horizon and the ‘season of goodwill’ presents its own challenges. Weather is getting colder and heating bills are on the rise and people are wondering how they can afford to buy gifts and extra food.

Businesses are also battling strong headwinds as we head into the festive season. Costs of energy and raw materials have soared in recent months. Add to that a fiercely competitive jobs market which is making staff recruitment and retention all the more difficult.

According to corporate rewards and employee recognition specialist Love2shop, businesses across the UK could do more for their workers. Its Love2shop Employee Value Report 2022 found 33% of all of UK employees feel undervalued at work. And, alarmingly, it reported 74% of people said they would look for a new job if they felt undervalued.

Now you would imagine Christmas would be the perfect time to let your teams know how much their work all year round is valued.

However, rising overheads are putting a squeeze on available cash so offering any kind of bonus or reward to their employees presents a challenge. While their workers face a cost of living crisis, employers face a cost of GIVING crisis.

Another interesting statistic from the Love2shop report is that 76% of employees did feel valued or recognised when their employer spontaneously gave them a gift. And this does present a real opportunity.

Now, an easy route to this could be a trip to the wholesalers to bulk buy some bottles of wine and boxes of chocolates and give them out. However, it seems to lack a little thought and imagination. Like the husband who grabs a cheap bunch of flowers from a service station for his wife for their anniversary.

So how can an employer offer a reward that seems genuinely thoughtful, offers real help to employees struggling to make ends meet, and doesn’t cost the earth.

Love2shop has been helping companies across the UK do just that for more than 50 years. During that time is has partnered up with 150,000 businesses to help them provide rewards and recognition to both staff and customers.

Its Love2shop gifting products are available in both physical and digital form. Accepted by more than 90 big-name retailers across the UK, Love2shop is one of the best established and well recognised gifting brands in the UK.

Love2shop e-Gift card offers multi-choice digital reward codes can be delivered directly to your employee’s inbox. Recipients then exchange the balance for any of the top single-store e-Gift Cards or Love2shop Gift Cards.

Love2shop Contactless is the UK’s first digital gift card. It works with Apple, Samsung and Google phone wallets. Sent and received online, add to mobile wallet and it’s right there on their phone, ready to go. People can even schedule rewards to be delivered on Christmas Day.

Some people prefer something more tangible and the Love2shop Gift Card fit the bill. Cardholders can also exchange their balance online for e-Gift cards to capitalise on online sales.

And with a long tradition, the Love2shop vouchers have been a popular choice as a gift for many years and come with long expiry dates. With the cost of loving now an issue for so many people Love2shop is perfect as it can be spent on everyday essentials or luxuries such as day out experiences or meals.

Alternatively, Love2shop offers the Everyday Benefits Card. This offers all the advantages and flexibility of Love2shop, offering a 7.5% discount when a user loads up their card. So, a card load of £100 costs the recipient just £92.50. They can then use their card to shop with multiple top brands.

And they represent really good value for businesses. They can cost as little as £6 per card if 1,000 cards are purchased.

Frank Creighton, Director of Business Development at Love2shop, said: “We know from our own research, and from years of feedback from clients, the power of a carefully-targeted employee benefits and rewards programme.

“We are witnessing the phenomenon of ‘The Great Resignation’ where people are no longer prepared to remain in workplaces where they feel undervalued, are demotivated and believe no one is seeing or appreciating their efforts.

“We have worked with thousands of employers across multiple sectors, in the public and private sectors, over the years and we have the know-how and experience to make these programmes work for you and your teams.”

By utilising Love2shop Gift Cards, employers can take advantage of HMRC’s Trivial Benefits Allowance. This allows them to gift up to £50 in Love2shop Gift Cards completely tax-free to every employee in their organisation.

This offers a saving to the business of up to £48.10 per employee (for higher rate taxpayers), simply by delivering a non-cash gift. This makes gift cards a far more attractive means to say ‘thank you’ than cash issued through an employee’s salary.

Frank added: “Incentivising and rewarding people is what progressive and forward-thinking businesses do. It helps you hire and retain the right people, increases productivity and ultimately boosts the bottom line.

“Offering rewards also simply makes your workplace a nice place to be for everyone who works there. And it is easier and less costly to set up and run than you may think. What’s not to like.”

Flexecash is the pre-paid card platform which issues the Love2shop Cards. This facility is provided by Park Card Services Ltd who are Authorised and Regulated by the Financial Conduct Authority to issue electronic money. (FRN: 900016)

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Cost of living rise presents big challenges – and there are ways to mitigate the impact

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Evidence of the UK’s worsening cost of living crisis is becoming impossible to ignore – it is there in the data and in countless anecdotal examples.

One high street butcher, Raymond Millar, reports that his customers had already started saving for their Christmas dinner in July. His savings scheme that allows people to buy their meat for the festive season doesn’t usually start until September.

Then there is the GP, Dr Laurence Dorman, who for more than a year has been offering food vouchers to his patients. He is now giving them out with increasing frequency. Dr Dormam told the BBC the cost of living crisis could have “massive, profound implications” for patients’ health.

It feels like the price of everything is on the rise. As we emerged from the pandemic supply chains struggled to keep up with demand. This caused an initial spike in inflation and now the Russian invasion of Ukraine has accelerated the crisis.

Energy costs push inflation upwards

Russia is a major global source of oil and gas and the war has put huge constraints on supply. From June 2021 to June 2022 gas prices for UK households soared by 95% and electricity prices by 54%. The UK’s wholesale electric price is linked to the price of gas.

From October 1, the energy price cap will go up further. The price cap is a mechanism that sets the maximum amount that suppliers can charge in England, Scotland and Wales. From October the typical annual gas and electricity bill is likely to reach £3,358, according to consultancy Cornwall Insight.

In contrast, in October 2021 the average annual bill was just £1,400. And Cornwall Insight is forecasting this could go above £4,200 by January 2023. Millions of people are wondering whether they will be able to afford to switch the heating on at all this winter. This may dampen the enthusiasm from some for working from home.

Finance and consumer rights guru Martin Lewis, says: “This is a national crisis on the scale that we saw in the pandemic.”

Martin, and many others, are now calling on the government to take urgent action to soften the blow. From September it is likely that, whoever is prime minister, whether that’s Liz Truss or Rishi Sunak, will be forced to act. Both have been vague on the issue during their campaigns. But once they take office, the pressure to act will be irresistible.

Inflation is now above 10% and the Bank of England is projecting it will hit 13% in the next few months, tipping the UK into recession. Food prices are rising rapidly in the shops. Who can forget the price of a tub of Lurpak surging above £9 in July?

Ukraine impact felt in the supermarkets

Again, the conflict in Ukraine is having a major impact. Ukraine is a leading exporter of essential commodities such as sunflower oil, grain, maize and wheat. The United Nations has warned global food costs could rise by 20%. The rising price of oil means the cost of moving food around is also much higher, adding to high prices.

Rising costs are also hitting businesses which are in turn facing the dilemma of whether or not to pass the costs onto their customers. Some cafes, bars and restaurants are considering reducing their opening hours to reduce outgoings, according to a study by eEnergy and Censuswide.

And even nipping out for a sandwich in your lunch break is now becoming more expensive. In the last few weeks both Boots and Co-op have hiked the prices of their meal deals. Outside London, Boots has put the price up from £3.39 to £3.59. In London it has gone up from £3.99 to £4.19.

Co-op’s meal deals have jumped in price from £3.50 to £3.75. And the nation’s favourite bakery chain, Greggs, is warning of rises of up to 9% on some products in the coming months.

There is upward pressure on the cost of getting to and from work. Motorists have already seen petrol prices at the pumps rocket. And public transport users face further unpredictability. Train tickets prices rise each January based on the retail price index from the previous July, plus 1%. This means commuters could face 12% fare rises in 2023.

Although still low by historical standards, interest rates are also on the rise. At the time of writing the Bank of England has pushed up rates to 1.75% from 1.25%. Those on fixed-rate mortgages have some protection for the moment. However, the average monthly cost of a tracker mortgage has increased by more than £160 since December 2021.

Simple actions that make a difference 

There are steps people can take to mitigate some of their daily outgoings. Sharing car journeys into work with colleagues could make a significant difference to fuel costs. As could using park and ride schemes. And although grocery prices are rising, taking your own lunch into work will always be cheaper than buying a sandwich.

And many coffee shops run loyalty schemes where you get a free hot drink after your card’s been stamped so many times, or a reduced price if you use a reusable cup. These smaller benefits can make a difference over time.

There are also things employers can do. There is an increasing number of businesses which are being pro-active. According to the Living Wage Foundation, 10,000 employers in the UK have now committed to paying the Real Living Wage. At £9.90 for most of the country and £11.05 in London, this is higher than the mandated National Minimum Wage.

In recent weeks there have been multiple reports of companies pledging one-off financial payments to help their people deal with the cost of living. One of those is Love2shop, which has offered a payment to all of its employees.

And the company is doing its bit for the wider community by partnering with digital payment business PayPoint. This agreement will see both parties expand their product range to provide local authorities with a new way of servicing the most financially at-risk people.

Employers can do their bit to help

Love2shop is also working with businesses across the country to help them offer real financial rewards and incentives through its Love2shop gifting products. Given the broad range of retailers available on Love2shop, it allows employers to meaningfully contribute to their employees’ cost of living dilemmas if that’s how they choose to spend their gift cards.

As well as the ‘treat’ opportunities with a Love2shop Gift Card, it’s also accepted by more than 150 leading UK consumer brands including Sainsbury’s, Argos, Tesco, Wilko, Iceland, Matalan, New Look, and Argos. So people can choose to buy everyday essentials or for those little luxuries.

With the new school year about to start, a multi-retailer gift card could offer great savings on the price of school uniforms or other essential items such as school shoes or a PE kit.

This is also the time of year when we start thinking about Christmas. People could use their gift card to get a head-start and buy gifts in advance, taking away some of the stress normally felt in November and December.

Some employers may be able to negotiate cheaper corporate discounts with local car parks to reduce parking costs, or allow more people to work from home when practical – if the costs don’t outweigh the costs of going to work considering the rising fuel costs come winter.

There are tough times ahead but employers can make a big difference to the lives of their employees for a modest outlay.

If you can see how Love2shop reward and recognition products could help your business, contact our business team today. Email [email protected] or call  0344 375 0739.

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What is customer acquisition

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50 Employee Perks

50 Employee Perks to Offer Staff

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