UK economic output rose by 0.8% between July and September 2013, according to official GDP figures announced today and the Office for National Statistics has said that there has been a “fairly strong” performance across all sectors. With this news that the UK economy is experiencing its fastest growth for three years there’s an emerging optimism about the economy. At this stage three successive quarters of expansion looks like a solid recovery, but staff are yet to feel the benefits.
This news now compels organisations to think again about attracting and retaining staff. Whilst staff retention took a back seat during the recession it’s now becoming an issue that needs addressing, especially in sales-oriented businesses that are characterised by low staff retention. This is a situation that will only get worse if the number of jobs available rises.
Employees may decide to leave because they can get a higher salary or benefits package with a competitor. This is a key concern for businesses who want to attract and retain the best staff because despite the economic recovery debt and inflation are still rising faster than earning. Employees are seeing prices on their everyday essentials, such as food, fuel and clothing, rising faster than their wages and this puts pressure on their monthly budgets. If they can be more financially secure by changing employers, there’s no reason not to.
So what employee benefits can employers use to attract and retain the best employees?
Cashback cards are an employee benefit that reduces the pressure on family income and won’t put additional pressure on employers HR budgets.
They offer a number of benefits to employees that help them reduce stress and ease financial worries by helping them budget and earn cashback on their everyday spend.
The MySpree card, is a pre-paid MasterCard®. This means that your employees can manage their monthly outgoings by loading an amount onto the card and can then use it at over 32 million outlets worldwide, wherever they see the MasterCard Acceptance Mark.
However, the news for employees who take up the MySpree card keeps getting better, because the MySpree card enables your employees to make savings of over £500 per year by earning cashback at leading high street retailers and supermarkets.
Every time they spend some of their balance at leading high street retailers such as Argos, Boots, Bella Itallia, Homebase, Mothercare, Pizza Express, M&S, Asda and Sainsburys amongst others they’ll earn between 3% and 5% cashback.
The cashback goes back onto the balance of their card when they next top up, so it’s available for your employees to spend. Plus the amount of cashback that can be earned is completely unlimited, this means that the savings your staff can make on their outgoings can really stretch their monthly salary.
When the Financial Wellness Survey reports that 38% of employees surveyed have trouble meeting monthly household expenses even just small amounts of cashback can make a considerable difference. But your employees could save over £500 per year!
This is all great news for employers looking to improve staff retention. Having the MySpree cashback card will increase the perceived value of the employees’ overall employment package and enable employers to reduce turnover, minimise recruitment costs and improve the reputation of the business with employees and potential recruits. It’s a small investment in your employees that can really pay dividends.
Employees want to feel that their employer cares about them; it’s not just about a money for skills trade. Despite signs of increasing confidence in the economy more families are feeling financially squeezed than a year ago so perhaps it’s time to show that you care.
John is responsible for the motivation division of p&mm ltd and a Director on the board of the IPM. Specialising in developing, implementing and directing many large scale staff motivation, recognition and employee communications programmes.