Key Takeaways:
- Shopping Discounts Take Center Stage: Most used employee benefit in 2023, with significant uptake in January and July.
- Seasonal Trends in Discount Usage: Over half of the discounts downloaded in the latter half of the year, peaking during the festive season.
- Broader Employee Benefits Landscape: Constant use of training features on Engage, indicating a balanced focus on financial support and skill development.
The Rise of Shopping Discounts as a Key Employee Benefit
In a year marked by economic challenges, shopping discounts have emerged as the most cherished employee benefit. HIVE360, a UK-based employer solutions expert, has released a new analysis highlighting the trends in employee benefits usage throughout 2023. The data, drawn from user interactions with Engage – HIVE360’s mobile-based employee benefits and rewards app – reveals that discounts for supermarkets, online and high street retailers were the top pick for employees.
Understanding the Trends: High Demand and Seasonal Patterns
The analysis shows a surge in downloads of shopping discounts in January and July, each accounting for 11% of the annual total. This trend underscores the growing importance of financial savings in everyday purchases for employees, particularly amid the rising cost of living. Moreover, a notable uptick in seasonal usage was observed, with over half of the discounts being downloaded in the second half of 2023, and numbers doubling in November and December compared to September and October.
Engage: A Gateway to Everyday Savings
Engage provides users with access to over 900 discounts on daily essentials, with exclusive deals for major supermarkets like Asda, Sainsbury, Argos, Tesco, Morrisons, and Amazon. This widespread availability of discounts reflects the app’s commitment to supporting employees in managing their everyday expenses.
Beyond Discounts: A Focus on Continuous Learning
The data also highlights a consistent use of all training features available on Engage. The app offers various online and mobile-based workplace training and development programs, indicating a balanced approach to employee benefits that cater to both financial and professional growth needs.
Employee Benefits in the Context of Financial Strain
Claire Lidgbird, Customer Experience Manager at HIVE360, comments on the findings, noting, “The user data for the financial benefits accessed via our Engage employee benefits app suggest that growing numbers of workers are feeling the pinch and actively looking for and using financial savings on everyday purchases in particular.” This sentiment aligns with other research, like the Gympass second annual State of Work-Life Wellness Report, which highlights financial support and wellbeing as top priorities for workers.
The Role of Employee Benefits in Business Strategy
David McCormack, CEO of HIVE360, adds, “Employee benefits are a significant and cost-neutral solution that employers can use to provide their workforce with tangible financial support.” He emphasizes the potential of these benefits to enhance employee life both in and out of work and their impact on engagement, recruitment, retention strategies, and overall productivity.
HIVE360’s Engage: A Multifaceted Employee Benefits Platform
Engage, fully customizable for clients, is supported by a dedicated team aiming to optimize app engagement, which averages over 80% for all clients. Available in 120 languages, Engage consolidates payslips, contracts, pension tracking, 24/7 GP access, and includes features like My Training, My Health, My Money, My Discounts, and My Work.
About HIVE360
As an expert in outsourced employment services and administration, HIVE360 delivers efficient, HMRC-compliant payroll and employee engagement solutions. Catering to small to medium-sized businesses and recruitment agencies, HIVE360 enhances employer offerings in the market, striving to make clients employers and recruiters of choice.
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