Employee benefits and outsourced payroll solutions provider HIVE360 is encouraging care providers to explore the positive impact of adding employee benefits to their solutions and rewards packages.
The social care sector estimates it will need an extra 500,000 staff within 15 years to meet growing demand for skilled care and support of people with increasingly complex needs. However, recent reports suggest the sector faces an annual staff turnover rate of 34 per cent - more than double the rate of other sectors - as workers burn out and turn to less stressful, better-paying roles.
To stem the tide and help attract and retain talent, care home operators looking for a cost-neutral, value-add solution should, according to HIVE360, explore the positive impact of employee benefits.
To that end, HIVE360 provides a customisable and comprehensive employee benefits and wellbeing package via its unique Engage Employee Benefits app as standard to businesses that outsource payroll and employment administration to the company. Available in 120 languages, Engage includes My Training, My Health, My Money, My Discounts, and My Work features and has an average of 100,000-plus user sessions each month, with levels of user engagement topping 85 per cent.
During the period 2021/22, the social care sector’s vacancy rate rose by 52 per cent - or 55,000 - to 165,000, the highest rate since records began in 2012/13. According to data released by Skills for Care, this decrease in the number of filled posts is due to recruitment and retention difficulties, rather than a decrease in demand.
Dealing with the rising costs of running their business, care home operators often cannot offer workers large pay rises in a bid to boost recruitment and retention, as well as to help staff with today’s high cost of living.
The clear need to retain valuable staff is fuelling the growing understanding of the role and potential for employee perks and benefits in solving recruitment and retention challenges.
Employees taking advantage of discounts and savings available through the HIVE360 employee benefits app Engage can save as much as £1,100 a year by making full use of the app’s hundreds of benefits, perks, and discounts on regular everyday expenses, including an average five per cent discount at supermarkets including Tesco, Morrisons, and Asda.
Further discounts include an average 10 per cent at many online and high street fashion retailers, seven per cent on beauty essentials, 20 per cent off pet supplies and food, and discounts on dining out, mobile phones, TV & broadband, cinema tickets, takeaway coffees, and gym membership. In total, according to HIVE360, these savings can combine to deliver an average £93.19 total per month – the equivalent of a £1,118.28 of savings per year.
HIVE360 CEO David McCormack said: “We calculate employees making full use of all discount opportunities available via Engage, is the equivalent of a £1,600 increase in their annual pay when measured against projected realistic possible savings.
“Employers also benefit – businesses of all sizes can offer a multitude of employee benefits, wellbeing support, and employee communication and recognition via the app, at a fraction of the cost of procuring benefits and services separately. This gives them a clear differentiator over other employers, in turn delivering a positive impact on overall efficiency and productivity, boost to employee engagement, wellbeing, and particularly staff recruitment and retention.”
For more information visit https://www.hive360.com/payroll-pension-perks/