5 clever ways to make the most of your workplace benefits

Whether you’ve recently started working for a new company or you’re a long-standing employee, it’s worth checking your workplace benefits package to understand what support is on offer.

Taking advantage of workplace benefits could boost the value of your employment package by saving you money on health costs, daily essentials, gifts and more. It could also provide opportunities for improving your physical and emotional wellbeing, enhancing your job satisfaction, and supporting your family.

Yet, surprisingly, research published by HR Grapevine revealed that 1 in 4 workers don’t use their company benefits, despite 91% knowing that they were available[1].

If you’re one of them, here are five clever ways to make the most of your workplace benefits.

1. Improve your health and wellbeing

The coronavirus pandemic has led to an increased focus on health and wellbeing in the workplace from both employers and employees.

According to research published by HRreview, 83% of UK businesses reported a rise in demand for enhanced wellbeing benefits in 2023. In response to this, 71% of the employers surveyed have introduced a “Head of Wellbeing” or equivalent role[2].

So, it’s worth finding out what your employer offers. Healthcare schemes vary but may include services and support such as:

• Dental plans
• Private health care
• Medical and health insurance
• Counselling and other mental health support.

By accessing relevant benefits, you could save money and potentially gain access to services that might otherwise be unavailable to you.

Also, some workplace health and wellbeing benefits extend to family members, so your loved ones may be able to access the support they need via your workplace scheme.

2. Plan for your retirement

Whatever stage you’re at in your career, it's never too early to start planning for your retirement.

However, understanding the complexities of your pension scheme and working out a savings plan that will help you achieve your retirement goals might feel overwhelming.

Some employers offer individual pension advice as part of their employee benefits package, which could be invaluable for helping you align your savings plan with your retirement goals.

Ongoing support and advice from an expert could also boost your confidence in managing your money, as well as providing peace of mind that you’re in control of your financial future.

Read more: How professional financial advice could help boost your emotional wellbeing

3. Access workplace benefits online

For many people, the pace of life is busy, and you may feel that you’re constantly on the go, especially during the working day.

Fortunately, a growing number of employers offer access to workplace benefits online. In fact, research published by Professional Pensions has found that nearly half of UK employers plan to boost investment in financial wellbeing and employee health benefits technology platforms between 2023 and 2025[3].

If your employer offers a central system for accessing your benefits online or, better still, a handy app, this could allow you to access all your workplace benefits at a time and location that suits you. For example, you might want to learn more about what’s on offer, add family members, upgrade policies and book services in the comfort of your home after the busy working day is over.

So, if you’ve been putting off exploring your workplace benefits due to conflicting work commitments, it might be worth finding out if your employer offers such a platform.

4. Create a work schedule that suits your life

An increasing number of employers are offering flexible working arrangements, such as remote and hybrid roles.

Taking advantage of this benefit could allow you to achieve a healthy work-life balance, increase your productivity and reduce stress. For example, you might choose to work from home several days a week to make the time and cost of commuting more manageable. Alternatively, non-standard office hours could help you to accommodate your commitments at home.

5. Save on daily essentials, gifts and more

Employee discount schemes are a great way to save money on the products and services you rely on every day. Some also offer cashback or savings on entertainment, luxury goods, holidays, and gifts.

There’s generally a straightforward process for claiming your discount, so it’s worth checking what your employer offers.

Every workplace benefits scheme will provide a different range of products, services and discounts. If you’re not aware of what’s available or you’re not making the most of what’s on offer, you could potentially be missing out on valuable opportunities to save money, boost your health and wellbeing, and plan for the future.

Get in touch

To find out more about how we can support your financial wellbeing and long-term goals, please email us at info@aspirafp.co.uk or call us on 0800 048 0150.

Please note

The information contained in this article is based on the opinion of Aspira and does not constitute financial advice or a recommendation for any investment or retirement strategy.

A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits.

Workplace pensions are regulated by The Pension Regulator.

[1] https://www.hrgrapevine.com/content/article/2022-10-24-1-in-4-workers-dont-use-their-company-benefits

[2] https://hrreview.co.uk/hr-news/reward-news/over-83-of-uk-businesses-report-increasing-employee-demand-for-wellbeing-benefits/372925

[3] https://www.professionalpensions.com/news/4156037/nearly-half-uk-employers-boost-investment-employee-financial-wellbeing