As the holiday season approaches, many employees are looking to their employers for increased financial support amid rising costs.
- Recent data from Perkbox Vivup highlights a significant increase in the use of employer-provided discounts and perks.
- The popularity of salary sacrifice schemes has surged, allowing employees to manage big-ticket purchases more effectively.
- Employers are also assisting with everyday essentials, with grocery discounts seeing a notable increase in redemptions.
- These initiatives demonstrate employers’ understanding of financial pressures faced by workers during the festive season.
As the cost of living rises, more employees are turning to their employers for financial support during the holiday season. According to data from Perkbox Vivup, a benefits and well-being platform, there has been a noticeable shift in how employees are relying on their workplace for help in the months leading to Christmas. The platform’s discounts and perks have seen a 75% increase in usage between October and November 2024, which are crucial months for holiday shopping.
The platform’s data reveals a growing trend in the adoption of salary sacrifice schemes provided by employers. These schemes enable employees to purchase high-value items, such as gaming consoles and laptops, by spreading the cost over several months. This approach has seen a 75% jump in such purchases from Q3 to Q4 this year, indicating its increasing appeal among workers who wish to manage festive expenditures without a significant financial burden.
Employers are not only aiding in luxury purchases but also in supporting everyday necessities. The data shows a marked rise in the redemption of grocery discounts, with Tesco, Sainsbury’s, and Asda leading the way. From November 2023 to November 2024, Tesco redemptions grew by 87%, Sainsbury’s by 60%, and Asda by 53%. This trend underscores the role of employers in easing the financial strain on their employees, especially during costly festive periods.
Doug Butler, CEO of Perkbox Vivup, highlighted the increasing costs of personal and familial holiday celebrations. He stated, “Family and other personal holiday celebrations are getting more expensive during this cost-of-living crisis, and this presents employers with an opportunity to step up, provide meaningful financial support during this period and ensure every employee feels valued.” By offering tailored financial support for specific occasions, businesses can demonstrate genuine empathy towards their employees’ challenges, fostering a sense of appreciation and security within the workforce.
Employers’ enhanced support during the festive season reflects their commitment to alleviating the financial burdens on employees, fostering a supportive workplace environment.
