Canadians are feeling very worried about money. In fact, 43 percent of working Canadians are financially stressed according to the Canadian Payroll Association in a recently conducted survey. The cost is staggering. For businesses across Canada, this adds up to an estimated $20.3 billion in lost productivity.
The survey also found that the majority of Canadians are concerned about inflation, their ability to retire, their job security and a possible recession.
How is this changing Canadians’ financial decisions regarding savings and purchasing behaviours?
PayBright asked Canadians about their 2021 budgets and how they were approaching making financial decisions. “While 49% anticipated no significant change to their planned 2021 budget, only 13% spoke of an increase and 36% predicted a decrease in their spending over the course of the year.”
What are some tactics that will help employers and organizations support their employees and members during these uncertain financial times?
Supporting the financial wellness of employees, through fair compensation and access to information and expertise on financial wellness, is becoming more and more important to organizations in addition to their focus on prioritizing essential business needs.
The five most popular perks currently are flexible work schedules, remote work options, paid parental leaves, paid time off for volunteering, and employee discounts on a wide range of purchases.
What else can be offered that will help alleviate some of the financial stress?
73% of Canadians describe themselves as budget-conscious shoppers looking for the best deals when it comes to purchasing for daily essentials and those little extras. Reward Programs that provide unique value for individuals through great savings and incentives are a proven solution for organizations.
By implementing an employee/member discount program or partnering with an organization that provides the service, employers and organizations can help employees and members access all their daily purchasing needs at a preferred price or a discount. They see immediate and tangible savings on necessities like home and auto insurance, food and beverages, health and wellness, auto services … plus, they can also enjoy saving on discretionary spending on home improvements, hotels, restaurants, entertainment and more.
In research conducted by staffing firm Robert Half for its 2021 Robert Half Salary Guides, the five most popular perks currently are flexible work schedules, remote work options, paid parental leaves, paid time off for volunteering, and employee discounts on a wide range of purchases.
As Canadians move through the coming months and years, many will be looking for ways to be financially prudent. Organizations who find ways to support them through these times will build loyalty, engagement and retention.
By providing your group access to the BOOM Rewards platform, you are enabling them to stretch their dollars further through savings on everything they may need or want, like clothing, insurance, auto repairs, eyeglasses, vitamins, shoes, fitness and more.
To learn more about how BOOM’s fully managed employee and member rewards solution can help your employees save money, CLICK HERE.