Employee Savings & Discount Schemes - A six tip toolkit for maximising participation & ROI

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Salary is the biggest area of pain for your employees at the
moment. According to the 2013 Edenred Barometer which
looked into employee attitudes to Pay and Benefits, more
employees are worried about their wages than work-life
balance or job security.
Five years of belt tightening and sustained increases in the cost of living mean employees are feeling the pinch as their bank accounts are taking more strain than ever.
You may not be able to pay your people more but an employee savings and discounts scheme can give access to a range of discounts on everything from day-to-day groceries to holidays and meals out throughout the year. It can give your employees a substantial pay boost and make a difference to the end of month budget.
Giving your employees access to this benefit doesn’t end at implementation. If you are investing in employee benefits, it is important to ensure they are aware of, understand and use the scheme on a regular basis, so you know that your investment is well spent and able to prove ROI for your business, whilst adding value for your employees.

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Employee Savings & Discount Schemes - A six tip toolkit for maximising participation & ROI

  1. 1. Salary is the biggest area of pain for your employees at the moment. According to the 2013 Edenred Barometer which looked into employee attitudes to Pay and Benefits, more employees are worried about their wages than work-life balance or job security. Five years of belt tightening and sustained increases in the cost of living mean employees are feeling the pinch as their bank accounts are taking more strain than ever. You may not be able to pay your people more but an employee savings and discounts scheme can give access to a range of discounts on everything from day-to-day groceries to holidays and meals out throughout the year. It can give your employees a substantial pay boost and make a difference to the end of month budget. Giving your employees access to this benefit doesn’t end at implementation. If you are investing in employee benefits, it is important to ensure they are aware of, understand and use the scheme on a regular basis, so you know that your investment is well spent and able to prove ROI for your business, whilst adding value for your employees. “More employees are worried about their wages than work-life balance or job security” Employee Savings & Discount Schemes A six tip toolkit for maximising participation & ROI
  2. 2. This tip sheet contains advice on what you can do to use employee savings as an employee benefit which has a real impact on your employees and your organisation. Use the benefit yourself Few employees utilise the full potential of employee savings schemes because they don’t know the full extent of products, services and brands they can save money on. A great foundation for effectively communicating a scheme is to use it yourself and get to know the proposition inside out and speaking from first hand experience. That will help you understand fully when and where your employees can benefit most from savings and discounts. Understand who you are targeting employee savings will benefit different people in different ways. Older workers or empty nesters with no children will be interested in different things from working parents or employees who are still young, free and single. Take time to look at the demographic groups in your workplace, the kinds of areas they will spend their money and the kind of areas they can save. Ideally, talk to different people from these groups to find out. Carry out research surveys or focus groups. This two-way communication will provide the insight and foundation for better targeted communications to promote the scheme, as well as better engagement and take-up of the benefits on offer. Communicate the benefits of the benefit The real value of employee savings is the hard cash it saves your people each month. Talking about the savings linked to a typical spend for the different ‘profile’ types you have identified should be at the heart of your communications. Use charts and infographics to illustrate simply the specific areas where they can save. We cannot emphasise enough, just how important communication is. Think hard about what message you want to convey and which communication channels are best suited to different segments of your workforce. A mulit- channel approach always works best. Most importantly, think creatively and make it fun and engaging! www.edenred.co.uk/ehub 2 3 1 “Whether they are big ticket items or smaller things, it’s important to remind people about the money they can save at times when they will be spending”
  3. 3. Think ahead and remind your employees where they can save Beyond an initial promotion or yearly reminder, many employee savings schemes risk being underused or forgotten altogether. Think about the year ahead and plan a series of timely reminders to employees based on the kind of things people spend money on each year. Valentine’s Day, Mother’s Day and Easter are great for promoting savings for florists while the period before the holiday season in May and June is a good time to remind people about travel-related savings. The Christmas season is a huge area of potential savings at a time of year that is typically stressful and expensive for many. Whether they are big ticket items or smaller things, it’s important to remind people about the money they can save at times when they will be spending. Go mobile It used to be that employee savings schemes consisted of a booklet or relied on employees to log on to a desktop computer to check out what savings they could make. With the growth of mobile commerce, mobile employee savings allow people access to instant vouchers and discounts wherever they are when they are out shopping. That means when they are in the high street price-checking something they want to buy or looking for somewhere to eat out, it is easy to find how they can save money instantly. Pick a scheme that meets employee’s needs. Mobile employee benefits offer convenience, flexibility and the ability to access savings instantly whilst on the go. Ask for feedback and find advocates People use employee savings schemes in different and surprising ways. Take some time to ask your employees how they are making the most of the scheme you have in place and which savings they find most useful. Use these people as advocates to promote your scheme. Also, listen to the improvements your employees would like to make and ideas about local retailers or services which could be included. www.edenred.co.uk/ehub 6 5 “Mobile employee benefits offer convenience, flexibility and the ability to access savings instantly whilst on the go” 4
  4. 4. www.edenred.co.uk/ehub Employee Savings from Edenred Edenred provide Employee Savings solutions for over 1.2 million employees across the UK and the Republic of Ireland. Our online portal has been developed with expert user journey• consultants and client’s employees. Coupled with multi-channel communication services, we can guarantee maximum usability, engagement and usage. We have a choice of solutions and pricing levels to work best for• you, including the ability to fully brand the scheme to your own specification. The widest range of discounted vouchers, SMS vouchers,• e-vouchers and reloadable shopping cards - over 90 lines available which can be spent at over 350 top brands. More than any other scheme on the market. Over 400 exclusive discounts available online, over the phone or• in-store plus thousands of cashback options. The new mobile friendly website enables employees to take• the savings away in their pockets, featuring over 10,000 GPS location based instant offers and coupons. Find out more by calling 0844 875 3388 or visit www.edenred.co.uk/employee-savings
  5. 5. www.edenred.co.uk/ehub About Edenred Edenred helps organisations engage and motivate people to achieve enhanced performance. This is achieved through provision of unique and unrivalled total reward and recognition solutions, including the widest range of incentives, rewards and benefits solutions, individually designed to fit your audience, your goals and your budget. We do this through vouchers, prepaid cards, online platforms and digital & SMS products to help engage and motivate your employees, customers and business partners. Over 20 different solutions last time we checked. Employee Benefits• www.edenred.co.uk/employee-benefits Incentives and Rewards• www.edenred.co.uk/incentives-and-rewards Expense Management• www.edenred.co.uk/expense-management Communication Services• www.edenred.co.uk/communications-services For more content like this, register for E.Hub - the HR, reward and benefits knowledge exchange: www.edenred.co.uk/ehub Follow us: https://twitter.com/Edenreduk http://uk.linkedin.com/company/edenred-uk-group- Hub

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