New Year’s Resolutions might be notoriously difficult to keep but what if the workplace could increase the chances of those good intentions sticking?
Workplace benefits can help.
Not only do these benefits boost staff retention and improve morale, they can also help employees in numerous aspects of their day-to-day lives.
Here we look at how a suite of benefits might just be key to people actually abiding their resolutions for once.
Perhaps the most common resolution is to get fit. I’ll go for more walks, I’ll go to the gym, I’ll get up early and go for a cycle every weekend…
It’s easy to say it on January 1, harder to then stick to a week later, when you’re back at work and there’s a hailstorm outside.
Workplace benefits can help in numerous ways.
Discounted gym membership makes joining the gym more affordable; an added bonus is that by setting this up as a workplace benefit multiple employees are likely to join, so the gym might take on a social element. People are more likely to keep going if they will always see friendly faces.
A cycle to work scheme allows employees to get bikes as a salary sacrifice, thus saving considerably; cycling to work great for fitness and the environment.
A healthcare cash plan could also be added, this covering employees for regular medical tests such as eye tests, trips to the dentist and more. This plan ensures that there are no nasty shocks, if major dental treatment is required for instance it is likely to be covered by the plan – it becomes easier for any employee to stay in good health.
Many people feel they don’t see friends as much as they should too many evenings are spent in when they could be spent with friends or family.
A benefit such as the Dining Card could help here, with this members save up to 50% on restaurants across the UK, this at everything from national chains, to local independent eateries through to Michelin-starred fine dining.
The benefit typically offers two meals for the price of one across all courses. The benefit is available to anyone, but by offering it as a workplace benefit through salary sacrifice the cost of joining is effectively reduced.
This becomes a double saving – the cost of joining is reduced, and then there are still those great savings across every meal.
For members, the savings quickly mount up – even using the card just once per month would save £300 per annum, based on £25 per meal.
With a Dining Card, another excuse for staying in is removed!
We’ve all been there – left with some holiday to use up, booking it off for no good reason other than it’s available.
The opposite occurs too – people finding that their holiday entitlement just feels that bit inadequate, perhaps especially during the summer holidays when a few extra days to look after the kids would be appreciated.
We find that a Holiday Exchange scheme works in everyone’s favour. This simple scheme allows employees to buy or sell a week’s holiday – if they do nothing their holiday entitlement remains at its default level.
Anyone not in need of the full allocation could sell a week; they would work a week more during the year and get paid extra for it.
Similarly, it would be possible to buy a week’s holiday – five more days off in exchange for a little less pay.
This benefit encourages people to really think ahead and consider how much holiday they actually need. In the process of doing this, they footed then book the leave and so the employer knows where they are – gone will be the days of endless last minute holiday requests landing at the end of the year.
Typically, the weeks bought and sold roughly balance out, though this cannot be guaranteed of course.
It isn’t rocket science to point out that there are two basic ways to feel that bit wealthier – either earn more or reduce outgoings.
Upping salary might not always be possible, but there are usually steps that can be taken to reduce outgoings. Importantly, that doesn’t have to mean cutting out luxuries, it can simply be paying less for the same items.
Employers can help out here by using the power of workplace benefits to everyone’s benefit.
They can set up leasing schemes for cars and deals on phones.
A Discount Club can be activated, this opening up huge savings on a massive range of products and more.
There will be discounts of up to 30% against high street store prices, discounts on holidays and hotels, savings on nights out (for instance 40% off the price of cinema tickets).
An employer could even set up a workplace nursery scheme, this a simple procedure that sees the workplace partner with a local, high quality nursery. This one partnership can help working parents save thousands of pounds on their childcare, with the cost of nursery coming out as a salary sacrifice.
We have worked with companies whereby setting up the right benefits has helped numerous staff members save thousands of pounds – all this while also saving the company money too and boosting staff retention. What’s not to like?
OK, we might not be able to help too much with individual resolutions around hobbies (though the discount club is likely to make that new guitar a bit more affordable).
But, with a full suite of workplace benefits, there is a good chance everyone working at a business will be that bit fitter, that bit happier and that bit better off.
That’s a pretty good aim for the year!
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 ups and ongoing administration is then run through a hub, this 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.