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Helping employees get a bigger bang for their buck

30 August 2017

Simply providing a range of employee benefits for staff may have seemed a progressive move a few years ago but times have moved on. The most enlightened firms nowadays are also going the extra mile to ensure that employees’ net pay stretches further.

There are a number of strategies available for doing this, and it is essential to realise that it is no longer just the large corporates that can take advantage of them.

Because technology has been progressing in leaps and bounds and retailers have become increasingly willing to get involved in discount programmes, these solutions are now within reach of most SMEs. The most basic can cost as little as a couple of hundred pounds a year but provide valuable discounts to employees on everything from shopping bills to holidays and cinema tickets.

Even for more sophisticated full flexible benefits platforms employer outlays can amount to considerably less than the cost of granting pay rises, and the returns involved can be far greater. They can include everything from reducing financial stress in the workplace to giving employees a better understanding of their benefits package and making them feel more engaged.

Employees tend to realise that what they are being provided with is costing their employer something, so this helps them feel valued, supported, loyal to the business and more motivated. It can also reduce staff turnover and assist recruitment.

Although not suitable for every employee, salary sacrifice arrangements – can offer National Insurance savings when incorporated within these technological solutions – many of these have become more viable for certain popular benefits due to the Government’s clarification of its stance on the subject in the 2016 Autumn Statement.

Many employers had steered clear of salary sacrifice because they had feared the Government intended to clamp down on it as a perceived tax loophole. But, although it did remove preferential tax treatment on a number of benefits, pensions, Childcare Voucher schemes (including Workplace Nursery schemes) and Cycle to Work schemes were specifically exempted from the changes.

For those seeking a flex platform, Chase de Vere has a longstanding partnership with Enjoy Benefits, which offers three different levels of involvement to suit a wide range of budgets and requirements. It can offer a full range of employee benefits together with the chance to obtain discounts on many other products. For example, employees can save up to 50% on meals out and over 35% on car leasing schemes. 

Enjoy Benefits, which offers a whole suite of marketing materials to boost employee engagement, enables employees to answer questions via information sheets and videos, to use ‘a minimum wage checker’ and to gain an overview of all their benefits and salary deductions via a tailored online benefits portal.

This portal also gives employers control over every benefit they offer, allowing them to choose whether to make them available all year round or at certain times of year, set the eligibility criteria and manage the value of benefits taken each month to avoid cash flow issues.

For employers who do not feel they can stretch to a full flex platform and wish to limit their outlay just to providing discounts on goods and services for employees, Chase de Vere also has a partnership with a discount portal. By providing a really straightforward way to give perks and make staff feel valued, this can also boost morale and productivity, and employers can easily access engagement figures through a range of online facilities.

The portal gives staff the opportunity to nominate local suppliers, provides access to thousands of offers and discounts with the most wanted retailers, restaurants gyms and other suppliers.

Employees also benefit from an easy-to-use online portal – which can be accessed via a mobile app – and the ability to claim staff discounts just by showing their phone to retailers.

If you would like more information about these benefits or about how Chase de Vere can help you ensure that your employees’ net pay goes further then please do not hesitate to contact Chase de Vere on 0345 300 6256 or complete this simple form and we’ll call you.