It’s a well-known fact that a financial reward scheme for employees can improve engagement as well as make a significant impact on the bottom line. For many employers, however, offering a pay rise or bonus is not always feasible, particularly during these challenging economic times where every penny counts for both organisations and employees.
According to a report from the CIPD, offering financial rewards can boost motivation and provide an effective management tool. That said, making sure that the financial offering is relevant and timely is the key to its successful uptake. After all, no one wants an employee benefit that no one wants!
Making money work harder for your staff
What are Reward Beans and how can employees get more out of them?
Saving for mid-term goals
Long-term investment in an ISA
Setting goals and encouraging healthy saving habits
To this end, we provide three categories under which people can save:
● Material refers to the smaller regular purchases that can be made using incremental savings
● Financial refers to the holidays or bigger ticket items that a Member wishes to save for
● Charity/environment might be particular contributions that your employees wish to make to support a personal charity or an environmental cause
“We would always encourage HR managers to build the confidence of their staff to make sensible decisions when it comes to spending money. By making those mid-term or long-term savings with an ISA, you are helping improve their financial wellbeing, and at the moment, anything you can do to relieve the pressure from all the economic stress will make a huge difference in their daily lives,” adds Martin.