The retail sector in the UK employs around 2.9 million people, so it is safe to say that employee benefits in retail is a relevant discussion. With such a large number of employees, a mix of demographics will have a diverse mix of perks and preferences, but there are always common themes. So what are the most popular employee benefits in retail?
While most people appreciate a good discount, for retail workers it is the most popular benefit by far. Being able to save money is the next best thing to a bonus or raise, so everyday discounts are a winner. This can be either being able to spend a bit less or create a savings pot, on spending that would happen anyway.
Offering discounts for the store they work in is one thing, and most supermarkets and high street stores offer this, but you can go one step further and offer discounts across hundreds of shops and brands, including in store and online.
An unexpected expense can really throw a spanner in the works, and when the car breaks down, pipes burst, or the dog needs surgery, payday loans may end up being used. Unfortunately, these loans often have high interest rates and can lead to more debt being accrued. With monthly wages sometimes fluctuating in non-salary roles, having a safety net can be a big help.
Early access to earned wages is a perk that you can offer to help prevent this, with On Demand Pay being an increasingly popular benefit for staff. Easing financial stress is a big topic at the moment, and On Demand Pay is just one solution of many.
Health Benefits are another growing trend in retail and generally, with long NHS waiting lists and few subsidised dentists available, having health insurance and health cash plans can be a big reassurance. Ill-health is concerning enough without the additional worry of not working during hospital stays, paying out on emergency dental procedures, or shelling out for treatments not on the NHS. Consider adding health benefits to your package, and see for yourself how highly employees value them.
Flexibility can cover a lot of things, from working hours and holiday allowance to types of perks. All of which are appreciated by retail employees. Promoting a good work-life balance is important in any industry, and the best way to implement this in retail is being open to changing the schedule to accommodate people’s needs.
In terms of perks, as retail normally embodies such a diverse workforce (age, sex, dependents, etc.), everyone has varying needs and wants. As such, providing flexible benefits can increase uptake, engagement, and ultimately satisfaction. Giving staff discounts to both luxury and budget options can help to meet the needs of everyone. While not everyone uses the gym, giving the option to have a discounted membership will be utilised by those who want it. Allowing staff access to an Employee Assistance Programme can help them with personal problems from finances to legal advice. Salary Sacrifice schemes are a win for some and not for others, so offering up access to a Cycle to Work or Electric Car Salary Sacrifice Scheme is an ideal optional plus.
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