10 reasons to run a technology benefit scheme
Posted on: Wednesday June 16, 2021
What is a technology benefit scheme?
A technology benefit enables you to offer employees the latest desirable tech products and spread the cost through their salary. Employees agree to sacrifice or ‘exchange’ some of their pre-tax salary in return for the technology products of their choice, as well as making additional savings in National Insurance. This is known as a salary sacrifice scheme.
1. Drives employee engagement
A technology benefit has universal appeal, transcending the entire workforce age demographic. Clients achieve high take-up rates with staff getting excited about the scheme, while appreciating the benefits of getting brand new technology in a convenient arrangement through their salary.
By creating a buzz around the technology scheme, clients benefit from improvements in employee engagement and overall employee experience.
2. Low cost, low admin and easy to implement
There are no scheme set-up charges, we provide a full implementation service including a suite of great marketing materials, all at no cost to you. The scheme is also fully managed by Let’s Connect with minimal admin needed from your organisation. We’re also approved by HMRC and fully accredited by ISO 27001 so you can be sure all employee data is protected.
3. Attract and retain your talent
Offering exciting benefits that are truly valued by your employees shows that your organisation is focused on the holistic employee experience. This helps to attract and keep the best talent and improve your employee value proposition. Our clients report improvements in this area following a scheme launch, seeing a positive impact on turnover.
4. Generate excitement
Benefits like health plans are valuable to employees, but they’re not as exciting as the latest home technology. It reflects well on an employer to offer desirable gadgets like tablets, laptops, smartphones, TVs, fitness wearables, and games consoles - particularly for employees who might not be able to afford them outright.
5. Schemes are cost-neutral
I’m sure you’ve all heard of some of the more outlandish employee benefits offered by Silicon Valley businesses with deep pockets. From unlimited holiday allowance to saunas in the office, some employee benefits are expensive and unlikely to make a lasting impact to your employees.
A technology scheme not only offers a huge range of the latest products and creates long lasting enjoyment for employees, but is also cost neutral to set up for the employer. With no set-up fee and no ongoing management charges, the scheme is cost-effective to run for all organisations.
6. Promotes health and wellbeing
Keen to get your employees moving more? In the post COVID-19 age, we’re seeing more focus than ever on how to improve health and fitness, so it’s important that companies also promote a healthy way of living.
Technology plays a great part in this, with a large collection of health and fitness products such as fitness watches and trackers now available. Our technology benefits are a great way to help employees make healthy choices and enjoy a better work-life balance.
7. Supports agendas for digital inclusion and financial wellbeing
Our scheme not only supports national agendas for better digital inclusion but also health and wellbeing.
Technology schemes also aid financial wellbeing by making the latest technology affordable to all employees via salary sacrifice. Spreading the cost over 24 or 36 months means it’s a more reasonable way to make a large purchase for the employee. And the fact that there’s no upfront costs, credit checks or deposits makes it accessible to people who might otherwise miss out.
8. Helps drive your digital transformation strategy
Digital transformation is organisational change designed to bring about new and sustainable competitive advantage by leveraging technology to bring about efficiencies and effectiveness. For transformation to be successful, a digital culture is required that fosters innovation, collaboration, a ‘digital-first’ mindset, agility and flexibility and encourages experimentation.
A technology employee benefit can form part of an organisation’s digital transformation strategy to assist in creating this digital culture. Whether this is making training more accessible at home, encouraging collaboration by keeping employees connected through their own devices or just a general improvement of digital literacy across the workforce, the benefits are obvious!
9. Easily integrated with benefits platforms and hubs
Most employee benefits are part of a bigger rewards package and ours is easy to manage and integrate with the latest employee benefit platforms and hubs – from simple links via intranets to full 2-way ‘Single Sign On’ authentication for a seamless user experience.
10. Works for everyone
Employers set a maximum value of products per person so employees aren’t at risk of overstretching themselves. By helping employees to take home exciting technology with no financial hassle and no waiting, you’re providing enjoyment – but in a financially responsible way.
Like to learn more about a technology benefit at your organisation? Call us on 0330 2000 231, fill out our contact form or head to our technology benefits scheme for more information.
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