A half or full tank?

As I was filling up at the petrol station this morning, deciding whether to go for a half tank or a full tank, I couldn’t help but reflect on how important it is for employers to understand the financial strain many of their employees are facing right now. With costs rising across the board – from household bills to everyday essentials – it’s clear that the cost of living crisis is affecting workers in ways that extend beyond the paycheck. But what more can employers do to truly support their teams during this challenging time?

It’s no secret that costs continue to skyrocket. Energy bills surged by 54% in April 2024, and even the price of semi-skimmed milk has risen by 20% over the past year. As this financial strain mounts, it’s shaping the way employees feel about their workplace and their role within it. And that’s where health cash plans come in. These plans can be a game-changer for both employees and employers – providing ongoing, essential support at a time when it’s needed most.

As someone who’s worked in rewards and loyalty for years, I’ve seen firsthand the impact of tailored benefits. The good news is that offering smaller, more regular benefits – like a health cash plan – can have a significant and lasting effect. These plans are affordable, flexible, and provide employees with easy access to essential health services like dental care, optical treatments, and physiotherapy, all without the financial burden of high out-of-pocket expenses.

Instead of lump sum payments that might offer short-term relief but often lead to temptation (think big-ticket purchases or a holiday), a regular contribution to health costs can provide long-term value. With the added pressure of rising healthcare costs, employees can rest easy knowing they have support for everyday health needs – and employers can feel good about offering a benefit that helps keep their teams healthy and productive.

As we’ve seen, the cost-of-living crisis isn’t going away anytime soon. Employers who listen to their employees’ needs and offer consistent, meaningful support are the ones who will retain their best talent and keep morale high. Health cash plans are an excellent way to show employees they’re valued, while providing practical support that can make a real difference in their day-to-day lives.

In these uncertain times, even small gestures can go a long way. If your company is looking for a way to support employees without the financial burden of large bonuses or one-off payments, a health cash plan might just be the solution. It’s a proactive approach to ensuring your people stay healthy, happy, and focused – even when times are tough.