Employee benefits and outsourcing payroll can provide affordable support to staff - expert
Outsourcing payroll and setting-up employee benefits schemes can help businesses provide affordable support to staff, according to the boss of an employment support specialist.
Fuelled by the rise in living costs, UK inflation has soared to 10.1 per cent, resulting in the 'real value ' of workers ' pay dropping by three per cent.
David McCormack (pictured), CEO of HIVE360, the Birmingham-based employment support and benefits outsource experts, said: “Businesses in every sector are being hit, but for many, digging deep to give workers further pay rises or one-off payments to help, are simply not an option.
“What many businesses don 't realise is that outsourcing payroll can add up to £100 per employee per year to the business ' bottom line.
“Selecting the right PAYE and HMRC compliant outsourced payroll provider for the business can also positively impact overall business efficiency and productivity, boost employee engagement, wellbeing, and retention.
“What is vital is for businesses to choose the right outsourced payroll provider for them, and importantly one that can offer a customisable, comprehensive employee benefits and perks package.
“Perks that help employees to survive the record high cost of living are essential.
“Access to shopping discounts can help significantly to cover some of the inflationary pressures. For example, recent analysis of the trends in user downloads of our employee benefits app Engage, reveals that around 30,000 shopping and mobile discounts for supermarkets including Sainsburys, Tesco, Asda and Morrisons were made in July alone.?
“Employees taking advantage of these and other discounts can potentially save over £100 a week if they optimise all saving opportunities. ”
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 topping 94 per cent in July.