Alexandra Powell
If you groaned at the sight of Christmas in September, you’re not alone. But whether it’s too soon or not soon enough, the holiday season is just around the corner. That means it’s time to start thinking about what we can do to celebrate and reward our employees for their hard work and loyalty, as well as support their financial wellbeing at a time when giving to others takes center stage.
As of August 2023, the U.S. inflation rate for the preceding 12 months is at 3.7% – following a 6.5% increase in 2022 and a full 7% increase in 2021. This includes an increase of 5.7% in the cost of housing, 4.2% in food prices and 3.1% in apparel. And while those numbers might not look dramatic, the effect it’s having on individuals and families is significant. According to CNN Business, American households are spending an average $700 more per month than in 2021.
But as we approach the holiday season, that’s not where people like to go:
Normal retail behavior shows the typical household spends around 30% more in December than any other month.
We want to be a little more frivolous with our spending around the holidays, to feel like we can put some money towards our celebrations without bankrupting January.
In a recent UK webinar, we talked about strategies that HR leaders are using to support their workforce. We’re sharing the best ones with you, because great ideas should never be limited to one place.
Here are some suggestions we got from attendees on supporting general wellbeing:
Gabrielle B: We have wellbeing advocates who are available to support [employees]; they regularly run talks and events.
Jenna W: We have a financial wellbeing plan for the full year, looking at will writing, promoting our cash plan, discounts (via Reward Gateway). The one which went down really well was our ‘planning to stop work’ workshops, which were essentially about saving for retirement, but we found renaming it meant that younger colleagues came along to the sessions, too.
Amanda H: We have wellbeing Wednesday at lunchtime every 2 weeks that focusses on so many topics: sleep, depression, prostate, cholesterol, etc. – these are [Microsoft] Teams calls where experts internally or externally deliver a presentation.
Amy T: [We have a] 12 days of Christmas celebration, a mixture of fun (raffle, Christmas sweater day, hot chocolate stand) and charity (writing letters to vulnerable people, shoebox appeal, homeless socks and chocolates).
We loved those specific ideas – and many others shared in the chat – but we also have some research that points to what employees most want, specifically financially. 75% of U.S. employees surveyed said their employer could do more to offset inflationary pressures. Outside of increasing pay, 42% of U.S.-based employees want access to a retail discounts platform. Secondarily, employees noted that their awareness of their benefits isn’t everything it could be. Additional answers included support for mental wellbeing, as well as more direct communication from leadership.
Benefits of a discounts platform
An effective employee discount program can really offset the challenges posed by the increasing cost of living by providing financial relief – giving staff exclusive access to discounts on everything from groceries, utilities and clothing to travel, DIY and days out with their family – you name it. If you can stretch your employees’ household budgets significantly, a discounts platform like the one Reward Gateway offers can be a great way to do that.
From an emotional and mental wellbeing perspective, it’s going to alleviate some of the financial pressures that they may be experiencing, as well. It has a really positive impact on retention and loyalty because employees are more likely to stay with an organization that demonstrates it cares about their financial stability. But ultimately, it communicates a company’s commitment to supporting its workforce during these challenging times.
Salary, we know, is the most expensive way to give to your employees more money. And when you factor in all the associated payroll costs (social security, pension, etc.) into every dollar that you give your people, giving an employee $10 can actually cost you more like $15 – whereas a well-used discounts platform can give the effects of a pay rise by helping to put money back into their pockets, but at a fraction of the cost. And discounts are also a benefit that tends to unify everyone – everyone needs to buy food and clothes, after all. So it has the ability to positively impact every single person within your organization, regardless of their economic circumstances.
More ways to provide support
One of our attendees offered their “12 Days of Christmas” program, where they host a giveaway each day leading up to Christmas. At Reward Gateway, we used our “12 Days of Christmas” to highlight existing benefits we refreshed and to introduce a few new benefits to the package. Additional suggestions included Christmas sweater days or pajama days (not just for kids!), $50 grocery vouchers and an increased focus on recognition.
Free financial advice
Pointing to free money advice on external sites might seem really obvious, but when we are feeling strapped or stressed, we’re less likely to be resourceful. So if you offer an article about ways to save on one’s weekly shop, that itself can let people know you care. You can also set up classes with internal experts: Do you have a CFO or an HR business partner with a financial background? They can speak to people in live sessions about how to make use of the resources you already have.
Festive recognition moments
Although not a financial wellbeing benefit, the holiday season is a great time to remind your people that you care about them, not just their productivity. Work with your team to create around three holiday-themed eCards that employees and managers can send to each other to thank them for their time, effort and friendliness. 66% of U.S. employees agree their work wellbeing would improve if they were simply thanked more for their hard work.
Our ethos? Never miss an opportunity to recognize a colleague or employee because it always makes a difference.
Interested in seeing how a discounts platform could help your employees this festive season? Schedule a quick call with one of our friendly employee engagement experts and get started today.
