7 Ways to Help Your Employees Save More Money

Companies try to give their employees good compensation for their services, but sometimes employees still have a tough time meeting all of their financial goals.

If you can’t afford to pay your employees more, you could always take other steps to make them feel financially secure. Here are a few tips on how to help your workers grow their nest egg.

Set a high default percentage for 401(k) contributions

Research has shown that people are more likely to save more if they have to opt out of a savings setup rather than opt in.

Therefore, if you want to help you workers save more money, consider making their default contribution to a 401(k) program as high as possible. A good way to figure out this percentage is by talking to your employees and agreeing on a default rate to opt out of.

Offer discount memberships to shoppers clubs

If you don’t mind buying in bulk, shoppers’ clubs are great places to save money on groceries. You can encourage your employees to save more by providing them with discounted memberships to clubs like BJ’s and Costco. Because a small membership discount leads to bigger savings, offering discounted club memberships has a multiplying effect for savings, effectively boosting employees’ standard of living in the process.

Offer transportation discounts

Offering your workers discounts on public transportation is a great way to encourage them to leave their cars at home – which saves on gasoline, maintenance and parking costs. You could even set an example and take public transportation yourself.

Encourage carpooling

For some people, getting them to use public transportation is a tough sell. You can help these employees save money by encouraging them to carpool. Offering a discount on gas or tolls is a great way to incentivize carpooling among your staff.

Organize a swap meet

Most people have unused stuff just sitting around the house and organizing a way for employees to sell stuff can help them monetize their closet or storage room.

Setting up a swap meet or exchange is particularly useful when it comes to children’s clothing. Any parent can tell you – young kids grow out of their clothes pretty quickly and hand-me-downs are a great penny pincher.

Promote price comparison sites and apps

You can also encourage employees to save money by promoting price comparison websites and apps. Your human resources department could even put together an internal website that lists the latest Groupon deals, discounts at local store, online sales and other promotional offers.

Encourage bringing lunch from home

By bringing lunch from home, workers can save money they might spend going out for lunch or ordering takeout. This is another money saver than starts from the top down, by bringing in your own lunch, you not only encourage you staff to do the same – you also get the chance to sit down in the company lunch room and learn more about what’s going on in department and around the company.

At Career Concepts, we act as a go-between for our contract workers and our client companies, reinforcing whatever policies our clients might have for all the employees under their roof. Please contact us today to learn more.