Why there’s never been a better time to offer a Technology Benefit
5 great reasons to run a Technology Benefit for your organisation this Christmas!
The COVID pandemic and the rapid move to remote working has presented businesses with numerous challenges – how to continue operating effectively with reduced staff levels, how to keep employees engaged and motivated and how to reward your employees’ hard work and dedication when finances are already stretched, to name but a few. However, crisis or not, the answer to several of these problems has remained the same.
Employee benefits have long been a successful way to reward and engage employees, but now more than ever they are proving their true value. If recent times have proven anything, it’s that people are undoubtedly a businesses’ greatest asset, so holding on to the best talent and ensuring they are motivated to do a great job is vital for any organisation.
While there maybe a false understanding that salary sacrifice schemes such as Home Technology and Smartphones are no longer viable or financially beneficially, the reality is that they remain one of the most popular benefits around. In fact, in a survey conducted by Glassdoor in October 2015, nearly four out of five people (79%) would prefer new or additional benefits to a pay increase. So, here’s five great reasons why there’s never been a better time to implement our Employee Technology Benefit within your organisation.
“The results from the Let’s Connect Technology Benefit have been a great success. We can offer the latest home technology to our staff and have seen fantastic take up, enhancing morale and ensuring we continue to retain and recruit the very best staff.”
Amir Ali – Head of Employee Benefits and Engagement, Sandwell and West Birmingham Hospitals NHS Trust
No. 1 Help ease financial strain caused by lockdown
It’s no secret that lockdown has caused untold financial pressures for many families, whether that’s due to being put on furlough, made redundant or just through increased costs elsewhere – so it’s no surprise to see household debts in the UK reach a record high of £119 billion. And, with Christmas right around the corner, household budgets are going to be stretched even further.
Our Technology Benefit can help ease those pressures, allowing employees to purchase the latest tech products, while spreading the cost monthly through their salary, breaking down that large one-off payment into smaller, more affordable instalments – a fantastic way to purchase a new home computer or a new iPad for the kids, that they otherwise wouldn’t be able to afford outright.
Plus, there can also be some financial incentives for you, the employer. There are no set-up or ongoing management charges and the scheme is cost neutral to run for all organisations. NHS employers in England and Wales also still enjoy employer Pension Contribution savings at just over 20%.
“Without SWBH Benefits I wouldn’t have been able to buy my laptop. Now I couldn’t imagine being without it… I wouldn’t have been able to afford it outright without the scheme.”
Participating Employee, Sandwell and West Birmingham Hospitals NHS Trust
No. 2 Reward your employees
In trying to please and motivate our people, many organisations fall into the trap of financial rewards and incentives. While cash is of course important, it’s easy to think that it’s the sole answer to motivating and retaining employees and with the current economic situation and heavily stretched budgets, pay rises are almost certainly out of the question for many organisations.
This is why it’s important to consider your total reward offering or ‘perks’ if you will. There are many employee benefits to choose from and while healthcare plans and holiday purchase schemes are nice to have, they are unlikely to cause the same levels of excitement as the joy of unboxing a brand new iPad or smartphone. Give your employees something to get excited about and a Technology Scheme does just that!
Looking for more inspiration on what benefits to offer your employees when budgets are tight? Read our guide on 5 benefits that delight your employees… and your Finance Manager
No. 3 Cost neutral and fully managed
I’m sure you’ve all heard of some of the more outlandish employee benefits offered by business giants with deep pockets such as Google – from unlimited holiday allowance to saunas in the office. And, while these create an initial buzz around the workplace, they are also expensive and unlikely to make a lasting impact to your employees. A Technology Scheme however is cost neutral to set up, with no ongoing management fees and we even include a whole suite of great marketing materials to help promote the benefit, all at no cost to you.
The scheme is also fully managed by Let’s Connect with minimal admin needed from your organisation. So, even if you’re short staffed and under resourced, our team are on hand to provide support at all stages, from initial buy-in through to set-up and implementation.
No. 4 Great range of products – most popular benefit
A recent employee survey conducted by Let’s Connect in September 2019, showed that 77% of employees chose technology as their favourite employee benefit. With hundreds of desirable products such as tablets, laptops, games consoles, TVs, fitness wearables, and garden equipment from leading brands such as Apple, Samsung, Microsoft and many more – there’s something for everyone in our extensive range. Our benefit has proven extremely popular, particularly at this time of year in the run up to Christmas, with many parents on the lookout for the latest gadgets and home electronics for their family.
To find out more about the products available, visit our products page.
No. 5 Easily integrated with benefits platforms and hubs
Most employee benefits are part of a bigger rewards package, so don’t worry if you already have a reward platform in place with another provider. Our benefit is designed to easily integrate with the latest employee benefit platforms and hubs – from simple links via intranets to full 2-way ‘Single Sign On’ authentication for a seamless user experience. We can have you up and running in no time.
If you’d like more information on running a Let’s Connect Technology Benefit for your organisation, please don’t hesitate to get in touch. Our expert team will be only too happy to help and we can have your new benefit up and running swiftly in time for Christmas. Call one of our Employee Benefit Consultants today on 0330 2000 231 or email [email protected]
We look forward to hearing from you.
The Let’s Connect Team