Save Your Employees’ Savings With These Penny Pinching Tips

Just a couple of decades ago, getting a job would set an individual up for life. Once an employee began at a company, they would usually stay there for most of their working life, right up until retirement. That isn’t the case anymore, and these days employees come and go in companies. Some research shows that the average office employee changes jobs every seven years, in fact. This can sometimes cause issues with pensions and now, the number of people with a reliable pension for retirement is falling. So, as an employer, it’s a good idea to try and help your employees increase their savings so that they can set themselves up better for retirement.

Ready to help your workers save some cash for a rainy day? These tips can help you.

Set Up Discount Schemes 

There are many grocery stores and leisure companies that now team up with firms so that they can set up discount schemes for their employees. For instance, many companies can sign up to cash and carry warehouses so that their employees can join and take advantage of all the discounts that come from buying in bulk. Your employees will then be able to make some super savings when they are shopping for groceries and household items.

Set Up A Good Pension Scheme 

Even though your employees might not be with your company for life, it’s still important that you set up a pension scheme. In fact, it’s a legal obligation now that every company puts its employees into a pension scheme. But the type you enter into is up to you, though your employees will really appreciate it if you put them in a reputable one that they can transfer to their next company. It’s just a really nice and thoughtful gesture from an employer! It’s a good idea to speak to your bookkeeping specialists to see how much you should pay into each employees’ pension pots each month. Your accountant or bookkeeper may even be able to recommend you a trusted pension firm. 

Encourage The Use Of Public Transport 

One major expense that most full-time employees incur while they work is their daily commute. The overall majority of employees still drive their own car to work. Even though this may not seem so expensive on the outside, the costs can quickly add up. For instance, the cost of the car is a large expense, and the frequency of the trips to and from work means that employees need to fill up their tanks on a regular basis. One way you can save them this expense is by trying to encourage them to use public transport. If some workers live in areas that don’t have good public transport links, they could always start carpooling with their co-workers.

As you can see, there are a few different ways you can help your employees save a bit more cash each month. When they start to accumulate some savings, they will feel a lot less money stress, which can improve their morale at work as well.

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