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How can employers help their workforce through the cost of living crisis?

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The cost of living crisis affects workers and employers alike. The first way workers fix it is to cut back on their spending. Then they will ask their employers for a pay raise. Companies usually won’t oblige their requests. Instead, they will offer employees relief through free money-management skills acquisition seminars to boost their well-being. Another way employers can help their workforce through the cost of living crisis is by using employee benefits. Read on!

Byond card

Byond cashback card is one that lets employees earn a percentage cashback on everyday spending. Byond is a prepaid shopping card that helps workers earn as they buy things in retail outlets. Cardholders earn up to 15% cashback each time they use the card in more than 70 specific UK retail stores, restaurants, and supermarkets. With the card, your employees will buy things they usually buy – fashion, family meals, homeware, and groceries.

Getting cashback on daily spending increases cash at hand for your employees during the inflation period. Also, having more disposable income will improve their outlook and boost productivity at work. Using Byond prepaid cards could earn employees up to £500 cashback yearly. Not only that, but the card is simple to set up and easy to use to enhance your employees’ spending power.

Extras discounts

This allows employees to purchase gift cards for a discounted rate. They use the gift cards for personal use or gift them to family and friends saving on the cost of Christmas.

Extras discount workplace benefit gives beneficiaries up to 15% discount each time they buy physical or digital cards from big retailers. These employee benefits come at no cost to your business when you sign up for Blackhawk Network Extras.

Purchasing a discounted gift card lets employees save when they shop in their favorite retailers, restaurants, and supermarkets. The card is a perfect gift for friends and family. Your support of employees during this high cost-of-living period increases their motivation and your business benefits.

MyGymDiscounts

This allows employees to have a gym or leisure membership at a discounted rate. MyGymDiscounts offers UK fitness enthusiasts the most sizable Gym discounts. Employees save up to 25% on membership at gyms, leisure centers, health clubs, fitness studios, and Bootcamp classes across the UK.

When you sign up, your employees can join a gym since it is more affordable through MyGymDiscounts. They can start fitness exercises like dancing, swimming, and Pilates. As the workforce actively pursues health and wellness exercises at the gyms, they are healthier and happier and do more work. That boosts productivity as fewer employees will take sick leave.

Cyclescheme

Cyclescheme helps employees save money on fuel, by helping them buy a bike to use for their commute to and from work. Cyclescheme is a salary sacrifice benefit where employees use a part of their salary for a non-cash benefit – a new bicycle and accessories. Your business and employees can join for free. Empower them to boost their health and savings by joining Cyclescheme.

Cycle to work scheme will keep employees happier, fitter, and more productive. They will save about 26 to 40% when they buy a new bike and accessories. They can pay in bits without paying any interest. Employees who cycle to work are more joyful and healthier, reducing requests for sick leave. Employees who cycle to work feel less stress than their counterparts that drive to work and reduce gas emissions in their neighborhoods.

 

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