The cosy season is here. It’s time for bonfires and blankets, Sunday roasts and snuggling in front of the TV. But autumn can also be an expensive time with preparations for Christmas gifts and festivities.
On this blog, we often talk about saving money, and all the great ways that staff benefits can help employees reduce their outgoings on things that matter.
But many people are natural spenders rather than savers, and once they’re savvy and not over-extending themselves, is that a bad thing?
Some of our employee benefits are natural fits for the spenders in your workforce. Let’s take a look at the best benefits for boosting spending power.
Discount Club
‘Tis the season for the Discount Club benefit ahead of Black Friday deals and Christmas shopping. The discount club can save literally £100s or even £1000s of pounds on online or high street retailers. Well-known brands like John Lewis, Fatface and Superdry are part of the scheme, and there’s no limit on how many times people can save.
Discount Club savings also apply to restaurants, days out, holidays and hotels. As the discounts are considered a ’trivial benefit’ by HMRC, they do not need to be declared on tax returns.
This means that spenders can indulge in presents for friends and family as well as holidays and activities while lowering costs at what is always an expensive time of year.
For the employer, there’s no administration at your end, and the Discount Club can be cost-neutral when combined with other benefits. Click on the link below to find out more and start offering this great seasonal benefit to your staff.
Employee recognition
One benefit the spenders on your team are sure to love is the Rewards and Recognition scheme. It’s a way of recognising the efforts of people who go above and beyond on your team, giving them digital or physical gift cards to spend at dozens of well-known retailers including M&S, Amazon, Apple, Argos and more.
There is a great deal of research that shows that an employer who rewards their employees is highly valued by their staff and that rewards and recognition of an individual’s performance matter more than a salary increase.
So as well as being a practical help at an expensive time of year, this staff perk has a positive impact on your company culture too.
It’s easy to administer and integrate with your own incentive schemes. You select the employee and the amount you’d like to spend. We invoice you and let the employee choose the type of card they’d like and deliver it to them. Simple!
Find out more about this benefit and how to add it to the ones you offer.
Findo out more: Employee Rewards scheme
Gadgets, phones and cars
Some of the most expensive items we buy are ones we use all the time – our gadgets like laptops, PCs, mobile phones, and of course our cars.
One of the hallmarks of spenders is that they like the newest models and often enjoy having consumer items that are top of the range. But that all comes at a cost.
The Technology Salary Sacrifice Scheme lets employees purchase the latest technology and spread the cost across the year, interest-free. The monthly charges are deducted from their salary and are free of National Insurance contributions.
This benefit is cost-neutral to your business (no tax savings or costs) and we’ll provide all the information your payroll department will need.
It lets staff access the latest technology from leading suppliers like Apple, Asus, Lenovo and HP and has proved to be a fantastic retention and attraction benefit.
The Mobile Phone Salary Sacrifice benefit works along the same lines, letting staff get their hands on a new SIM-free phone that’s not tied to a network. Again, there is no credit check and payments are deducted from their salary, spread across 12 months.
The car lease scheme offers employees the chance to lease a new fully maintained, taxed and insured car through salary sacrifice, spread across 12 or 48 months. They can make great savings compared to personal lease deals, with the largest tax savings on the lowest C02 emission cars.
The company leases the car and the employee reduces their salary in exchange for their chosen car. There are a range of protections built in to allow for many life events.
To find out more about the car lease scheme and how it can benefit your staff and your business, click on the link below.
Summary
The run-up to Christmas can be the most expensive time for your staff, with extra expenditure on gifts, parties, holidays and the big day itself. For most people it’s a time of flashing the cash rather than being thrifty, so why not offer benefits that unlock extra spending power?
The staff rewards listed here are great places to start but don’t forget we have a whole range of benefits to appeal to all different types of employees all through the year.
About Us
At Enjoy Benefits, we have great experience in helping companies of all sizes introduce benefits that are suitable for their workplace.
Benefits are easy to set up and ongoing administration is then run through a hub, allowing employees to manage their own benefits while the employer can see which benefits are proving popular and what level of take-up each has had.
If you would like an obligation-free chat to discuss which benefits might work for your business and your employees, please contact us by calling 0800 088 7315 or using our Contact Form.
Ready to start working with us?