Amidst rising business costs, employers are doing their best to help their employees. The Office for National Statistics has reported labour market data showing that total pay (including bonuses) for employees rose by 5.8% in January to March 2023, however in real terms (adjusted for inflation) growth in total pay fell by 3.0%. So despite employers increasing salaries workers are still struggling.
Meanwhile, CIPD recently published data revealing that only two in five employers (42%) have a financial wellbeing policy, either standalone or as part of a wider employee health and wellbeing strategy (31%), and that two in five (39%) employers do not have a financial wellbeing policy nor plan to introduce one. Rising interest and inflation rates mean that employees’ pay value has decreased and many are struggling financially. Employer rewards and benefits are a significant and low-cost answer to providing tangible financial support to their staff whilst improving employee lifestyle and wellbeing.
Performance-related bonuses that link to business and employee success are the most common way to reward staff, but retaining them and building a positive workplace also requires inclusive year-round incentives that are cost-neutral. So, what else can employers do to keep employees motivated?
Recognition
Create a culture that builds positivity and demonstrates appreciation by openly saying thank you for teamwork, good initiative, and personal successes. Morale and staff well-being can be improved for free by encouraging recognition and thanks from peers, management and also clients.
Reward brand ambassadors
Incentivise retail staff and employees by offering them a healthy percentage of cash back on their purchases of your products via receipt validation.
Exclusive discounts
Offer employees digital links to mobile or print-at-home coupons that can be redeemed instore. Make them available to ‘Friends and Family’ and you will create even more goodwill.
Bankable Rewards
Create a system to reward other activities such as peer-to-peer referrals or achieving sustainability goals, allowing staff to build up points that can be converted to digital vouchers or cash.
Case Study: Heineken
Since 2019 savi has supported Heineken’s successful staff rewards initiative. They offer all employees a generous £45 credit each quarter to purchase any Heineken products in the marketplace. Employees simply upload their purchase receipts to savi’s cashback platform via Heineken’s Staff Benefits site for validation. What makes this scheme popular is that Heineken staff can roll over their allowances which can come in handy at Christmas when budgets are already stretched.
savi provide cost-effective and simple staff loyalty solutions that utilise your existing product distribution channels and offers maximum flexibility for employee redemptions.
- Specific products or allowances can be set for verification
- Registered staff list can be set to prevent fraud
- Increased engagement with your products
- Branded platform that can be standalone or integrated into an intranet
- Generate data and insights on staff usage patterns
