Employee benefits; adopt the Black Friday/Cyber Monday approach

Black Friday is 27 November, a day when retailers across the country discount their stock to such an extent that people are prepared to fight for the goods they want – remember the riots last year? Everything from televisions, game consoles, headphones, speakers, laptops and tablets to white goods, smartphones, cameras, wearable technology, dvds and gadgets are included in this massive battle for consumer cash.

The event is another export from the US and last year netted retailers £810m. Analysts predict this year takings could top £1bn.

Online providers discount their items on Cyber Monday – 30 November – advising the huge savings are available for one day only. We all know prices for goods and sevices are cut all year-round, perhaps not to the same extent, but still accessible courtesy of the numerous discount code websites.

David Pugh, managing partner, Lemonade Reward opines: “Wouldn’t it be a great idea if employers adopted a similar mindset and offered a basket of employee benefit opportunities to staff at discounted prices? Many firms already have deals with High Street brands and offer discounted goods, weekends away, spa days etc, but for those who don’t, a few calls could secure a great deal for your workforce – illustrating just how committed you are to them.

“And for those who already have something in place, Black Friday and Cyber Monday would be fantastic vehicles to reinforce that commitment. Everyone likes a bargain, particularly in the run-up to Christmas.”

David continues: “It would be even more brilliant if the people who get sucked into the ‘buy it now because it’s cheap’ mentality (even if they don’t need the item), were encouraged to divert some of their spare cash into a workplace pension. The long-term benefits far outweigh the short-term material gains; put money in, have it topped-up by the employer and Government and draw upon the proceeds in later life, giving a much greater return than anything that can be achieved in the Black Friday/Cyber Monday sales. Employer-backed pensions give you so much more back than what you put in – but at a time when you need it most.”