Employee demand for financial benefits and discounts is growing, new data has revealed.
Figures from HIVE360 showed that workforces are increasingly taking advantage of money saving perks with downloads of retailer shopping discounts rising by 10% monthly.
User data for the provider’s employee benefits app, Engage, also highlighted that discounts and savings on mobile-based retail and day-to-day spending have increased by 6% from March to April.
The volume of retail discounts downloaded is much higher in comparison to the mobile and shopping discounts users accessed in the final six months of 2022. The difference in last year’s Q3 and Q4 data showed only a 2% rise.
David McCormack, CEO of HIVE360, said: “Fuelled by rising inflation, interest rates and the cost-of-living crisis, the real value of workers’ pay has dropped, meaning huge numbers of people are struggling to make financial ends meet.
“Employee benefits are one significant and cost-neutral solution that employers can use to provide their workforce with tangible financial support and have the potential to play a huge role in enhancing an employee’s life, both at and away from work.”
According to McCormack, the latest user figures suggest that the people with access to these discounts and savings are using them more often. He believes that shopping discounts can greatly help cover some of the inflationary pressures currently facing individuals.
He added: “Businesses looking for cost-effective tools to help workers manage spiralling inflation and soaring living costs, as well as optimise talent attraction and retention strategies, should find out how employee benefits make a difference. A customised digital mobile employee benefits and rewards package that is focused on employee engagement, benefits, rewards, and retail discounts is the ideal delivery method.
“Given growing evidence of the impact financial worries is having on people feeling stressed, anxious and hopeless about personal finances, employers should aim to include 24/7 confidential support of employees’ mental and financial health and wellbeing as part of their employee benefits and rewards solution.”