Demand for financial savings on day-to-day shopping and living expenses via employee perks and benefits continues to rise, new data analysis by outsourced payroll and employee benefits provider HIVE360 has revealed.
March and April user data for the company’s employee benefits app Engage confirms employees are using financial benefits more, with downloads of shopping discounts for retailers including Tesco, Sainsbury’s, Asda, and Morrisons up by 10 percent month-on-month.
Discounts on mobile-based retail and day-to-day spending savings from the benefits app have also increased – up by six percent from March to April.
The figures publish as the findings of new research commissioned by the Mental Health Foundation reveal one in ten (10%) of UK adults feel hopeless about their financial circumstances.
The Mental Health Foundation’s Uncertain Times: Anxiety in the UK and how to tackle it Report also makes it clear that financial stress is giving rise to anxiety across the UK. It reveals the most commonly reported cause of anxiety is being able to afford to pay bills, reported by 25 percent of respondents, while 40 percent say that financial security would help prevent anxiety.
“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,” says David McCormack, CEO of HIVE360. “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.
“The latest user figures for the financial benefits accessed via our Engage employee benefits app would suggest that growing numbers of workers lucky enough to have these kinds of discounts and savings available to them, are using them more and more.
“Access to shopping discounts can help significantly to cover some of the inflationary pressures. Employees taking advantage of these and other discounts on our Engage app can potentially save the equivalent of a £1600 gross salary increase when used consistently for everyday shopping and lifestyle spending.”
HIVE360 provides its Engage Employee Benefits app as standard to businesses that outsource payroll and employment administration to the company. The app includes My Training, My Health, My Money, My Discounts, and My Work features. The app has an average of 100,000-plus user sessions each month, with levels of user engagement averaging well over 80 percent. Available in 120 languages, 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 average levels of user engagement of around 85%.
HIVE360, a GLAA (Gangmasters and Labour Abuse Authority) license holder, ensures full HMRC, RTI, GLAA and IR35 compliance. It provides expert, compliant and reliable PAYE payroll support and comprehensive employment administration. It works with owner-managed, privately owned and SME businesses, permanent and temporary recruiters.