The Financial Times' recent article, Even perks rarely beat more money on your pay slip, debates the issue of whether the uptake of employee perks beats actual money in your bank account and what the take up is when money is not an option.
Employees want to feel valued and that their contribution to the business is being noticed. Recognising the efforts of your employees by offering employee rewards and perks can be a great way of encouraging positive behaviours, motivating your team and boosting productivity, especially when companies do not always have the capital to give salary increases. This way employees are able to pick and choose savings that are most beneficial to their lifestyle, whether it be going to the cinema, discounted gym memberships and savings on their morning coffee.
Employee perks should not be compensation for an increased salary. However, if an employer was to give a £48 increase in salary, this in turn would give the employee, after tax, even less to spend than £48 in monetary value. This is a lot less than the savings employees will save and benefit from using the potential 1000s of benefits in an employee engagement platform. If employers sign up for a minimal cost of just £4 per employee per month, it seems a more beneficial way to make money go further.
This way employees can get up to 57% off Vue, Cineworld and Odeon cinema tickets, up to 15% off retail stores including House of Fraser, Debenhams and Harrods, up to 30% off mobile phone bills at Vodafone and EE, up to 8% off at UK supermarkets including Tesco, M&S, Sainsbury’s, Waitrose and Morrisons and up to 30% off technology at HP, Apple and Currys. This accumulated saving potential available to all employees by offering such perks is far greater than the same increase in terms of salary.