There’s always more you can do on discounts, says Steve Moore, head of HR at Hymans Robertson
“We are keeping a close eye on how the cost of living is affecting our employees,” says Steve Moore head of HR at Hymans Robertson.
He adds that the financial services consultancy has so far focused on raising the profile of existing benefits: “We’ve got a lot of anytime benefits, and a really good, mature flex benefits system that has evolved over decades,” said Moore. “It can help save money on a number of things like cycle to work, gym memberships and childcare vouchers. What is particularly appropriate at the moment are benefits such as discounts with over 120 retailers.”
He added that small discounts at supermarkets are now becoming more popular as people realise the savings are worthwhile. “We are being loud about the benefits we already have and while it may only be a few percent off here and there, people really appreciate it can add up to quite a bit of money over time.”
He explained that financial education and guidance is important too, and that both benefits should be offered simultaneously. “Once every two months we deliver a webinar from external experts on different financial topics and I’m really proud of it.
“There's always more you can do on discounts and there's a lot of discount schemes out there already, but it’s starting to get tough now and people are starting to feel the effects. I’ve now got to keep an eye on how things are unfolding and whether I need to consider implementing further measures. It’s all about removing stress from people during a very stressful time.”
In a nutshell…
- With pay under pressure, this is reward and benefits’ opportunity to really make a difference to employees.
- Help employees build financial resilience, as well as offer discounts on everyday items
- Make sure that existing benefits are communicated well and employees understand the difference they can make.
- Help prevent employees from falling into problem debt.