Employees taking advantage of discounts and savings available through an employee benefits app are saving as much as £1100 a year.
Employees of businesses with access to the HIVE360 Engage employee wellbeing and benefits app can easily access a range of savings on their everyday spending, including: an average 5% discount that will save them £20 a month – the equivalent of £240 a year – on an average £400 monthly spend at the UK’s supermarkets.
Other discounts in the Engage Top Ten cost of living savings are an average 10% discount at many online and high street fashion retailers, a 7% discount on beauty essentials, 20% off pet supplies and food, and discounts on dining out, mobile phones, TV & Broadband, trips to the cinema, takeaway coffees, and gym membership.
Together these save an average £93.19 a month, the equivalent of a £1118.28 of savings a year.
New research* reveals that 25% of businesses cannot continue to raise pay because of instability, that 70% of employers recognise employees are struggling to manage increasing costs of living and could look for higher wages elsewhere, but that just 26% of businesses can commit to permanently raising worker pay.
Engage includes hundreds of benefits, perks and discounts on regular everyday expenses that help employees survive the record high cost of living. We calculate that employees who make full use of all discount opportunities available via our Engage app, will save more than £1100 – the equivalent of a £1600 increase in their annual pay when measured against a projected realistic saving possible via the app.
We also factor employer savings into our approach, allowing businesses of all sizes to bring a multitude of employee benefits, wellbeing support, and employee communication and recognition together in one place, at a fraction of the cost of procuring benefits and services separately,” he says. “We’ll also deliver a positive impact on overall business efficiency and productivity, help to boost employee engagement, wellbeing, and staff recruitment and retention.
Businesses looking for cost effective tools that help employees manage spiralling inflation and soaring living costs, and have a positive impact on employee engagement and support strategies should find out how employee benefits make a difference.
David McCormack, CEO of HIVE360
Potential monthly savings via the HIVE360 Engage app:
- Supermarket Shop: average monthly spend £400.00 – 5% discount = £380, saving £20.00
- Fashion: average monthly spend £100.00 – 10% discount = £90.00, saving £10.00
- Beauty essentials: average monthly spend £50.00 – 7% discount = £46.50, saving £3.50
- Pets: average monthly spend £50.00 – 20% discount = £40.00, saving £10.00
- Entertainment (Cinema): average spend £31.00 – with discounts = £18.60, saving £12.40
- Dining out: average monthly spend £100.00 – 10% discount = £90.00, saving £10.00
- Phone contract: average monthly spend £52.00 + upfront payment £50.00 – £0.00 Upfront payment + 7% discount = £48.00, saving £8.16
- TV & Broadband: up to £100 cashback on bundles, saving £8.33 per month
- Coffees: average monthly spend £48.00 – 10% discount = £43.20, saving £4.80
- Gym membership: average monthly spend £23.99 – 25% discount = £17.99, saving £6.00
Average total monthly savings: £93.19
Average total annual savings: £1118.28
HIVE360 provides its customisable, comprehensive, employee benefits and wellbeing package via its unique Engage Employee Benefits app as standard to businesses that outsource payroll and employment administration to the company. Engage includes My Training, My Health, My Money, My Discounts, and My Work features and has an average of 100,000-plus user sessions each month, with levels of user engagement topping 94%.
For more information: https://www.hive360.com/payroll-pension-perks/