Pink background with person putting money into a blue piggy bank. Overlay with blog title reads 'What savings can I offer my employees?'

What savings can I offer my employees?

2024 is starting off with more financial uncertainty. Data shows that the UK has fallen into a recession, and with world politics & economic decline causing more concern, keeping your money exactly where you need it is important to make sure this year can feel more financially secure.

Everyone has a different idea of what things count as a luxury, and what are essentials. Consider what you yourself would save up on, and what you would splash out on: would they line up with all of your colleagues and employee’s ideas of essentials and luxuries? This is why having access to My Staff Shop, a savings platform that’s available 24/7 will mean that they can make a saving at the right time, not just when pay day rolls around. Your employees will be able to access a wide range of retailers across various trades. And the best part: My Staff Shop do all the hard work of saving for you and your employees, compiling discounts, corporate rates & cashback offers all in one place.

A business no-brainer

It can be hard to put the overall savings your employees and your business can make into context. With My Staff Shop, an individual can save around £1000 per year when fully utilising their My Staff Shop account. If a business were to give 200 colleagues a £1,000 pay rise, it would cost the company £200,000 annually. The real issue here is that the employee will only see around £667 of that in their bank account after taxes, which when everyone is feeling the pinch, is a big cut.

Providing the tools your employees need to save on daily expenses will make sure each individual employee can save money on the exact things they need. Whether it’s their weekly shopping, clothes for their children, or treats out with their friends and family.

Making R&R personal

Reward and Recognition is a familiar sounding offer for most HR managers. In a recent survey, 55% of UK employees wanted more Reward and Recognition implemented, and making sure that those hard working employees feel valued and listened to is the foundation of a strong and successful team. So why not make sure these rewards are personal, and tailored to each individual that receives them?

Awarding employees and colleagues My Staff Shop ‘Reward Beans’ will give them full access to whichever retailer they would like to spend their well deserved reward with. In some cases, it may be put towards the latest tech, or home improvements, and in others, a meal out or that week’s food shop taken care of. Giving employees the freedom to make their own decisions on what they want their rewards to go towards will make these rewards much more personal and memorable to the individual. It will also encourage hard work across your company, and inspire more to work hard, and have it pay off.

Using Reward Beans also means that employees can save each given reward in their My Staff Shop account. Combining these RBs with those earnt through cashback or gift card purchases means that by the end of the year, your employees can have a nice savings pot, ready for holiday bookings, Christmases or birthdays.

A little extra step to success!

It isn’t easy to break the habit of a lifetime. Most people prefer to shop in a very specific way: some enjoy heading into their local shopping centre with friends, some love to sit and scroll away online for their shopping, and some mix and match with click and collect at a time that suits them. My Staff Shop focuses on encouraging employees to continue shopping the way they love, but adding My Staff Shop into their shopping plans. Before you click continue to checkout, or head over to the tills; with a few extra clicks, you can save money on the shopping you’d already planned to do! Adding a tool like my staff shop to your belt can help stretch pay in a way that is simple, and straight forward.

Let’s break the savings down in an average week: the food shop at Tesco, a takeaway from Just Eat, a new book or game from Waterstones & a present purchased online from Amazon or Etsy. My Staff Shop can offer discounts on these retailers and many more, showing just how easy it is to find a saving on everything your employees would want.

Interested in discounts for employees? Request a free demo today.

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