GUEST BLOG: How tech benefits can ease the burden on take-home pay
Most of us are feeling the pinch currently - the cost of fuel at the pumps is reaching new records regularly (despite the cut to fuel duty announced by the Chancellor in the latest budget). Gas and electricity prices are soaring with a further price increase coming in October, and the rate of inflation is at a 30-year high. Furthermore, this month, the rate of National Insurance contributions increased for everybody by an additional 1.25%. Even more strain on take-home pay then. All of these are contributing to additional pressure on household budgets and disposable income in the UK today.
This is all happening amid the Great Resignation. The working landscape has changed significantly across the course of the pandemic. Flexible working for many is now considered the norm, and the reduced need to be in a specific location has opened the job market for candidates and the talent pool for organisations. However, despite the broadening of the talent pool, organisations are arguably having to work harder than ever to sharpen their employee value proposition to retain existing members of their team and attract new ones in an increasingly competitive market.
Getting the staples of EVP right is of course your first port of call. Ensuring employees are compensated fairly and equitably, and that roles are evaluated correctly and transparently, should always be top of the list. However, once the foundations are set, organisations have a myriad of options to add extra value for their employees. Finding the right options for your organisation and your employees can be a challenge, and it is vital to find a solution that works for both, and that employees can start to get tangible value from straight away.
Consumer electronics and home technology play a key role in our lives these days – both inside and outside of work - and these products can and do genuinely enhance our wellbeing. Most consumers will search and select their preferred brands from the usual online or retail sources, often purchasing directly from the manufacturer – no finer example of this than Apple products. But there is another way.
Including a home and technology benefit as part of your voluntary benefits line-up provides your employees with easy access to a range of the latest technology through a salary sacrifice agreement which will help an employee to spread the cost of their purchase without any upfront payment, credit checking or interest. It makes it affordable. And if they’re a basic rate taxpayer, the National Insurance contribution saving they will make has just increased to 13.25%. So not all bad news then.
For employers, the best thing about utilising a tech benefit offer is its popularity. The take-up stats are typically around 5 percent of the eligible workforce, making this a benefit that can support any organisation with staff attraction, retention, and engagement initiatives. Alongside this, the benefit is cost-neutral to run, and the set-up is fully customisable. You can further support your workforce by choosing a supplier that provides physical wellbeing products, such as smart bikes and wearable fitness tech, alongside their wider product offering, which should include computing, tablet, consoles, smartphone, TV, and audio goods.
To find out how a home and technology benefit can work for your organisation, please contact Jonathan West, Sales Director at Let’s Connect. Let’s Connect IT Solutions is a B2B supplier in the employee benefits market, specialising in providing the home and technology employee benefit through a salary deduct model. With a dedicated team and over 15 years of experience setting up and implementing the home and technology benefit, Let’s Connect serve over 100 customers with employee counts ranging from 500 to 100,000+.
To speak to Jonathan, please call 07468 862025, or email firstname.lastname@example.org