Inflation has become an unavoidable reality throughout 2022 and 2023, impacting various aspects of our daily lives. A consequence of this is that many people have been forced to cut back on expenditure which is deemed ‘non-essential’, such as maintaining a healthy lifestyle.
Employers have an opportunity to make a substantial impact on their employees’ financial wellbeing by incorporating discounted gym access into their benefits plan. This not only addresses the growing concern of decreased disposable income, but also contributes to a healthier and more motivated workforce.
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The Rising Costs of Staying Fit
Whilst inflation in the UK appears to have peaked (at the time of writing) at 11.1%, the current rate of 6.7% remains stubbornly high.
The fitness industry in particular has faced unprecedented challenges, with gym owners grappling with soaring energy bills and labour inflation. Reluctant to pass on the burden to their members through increased fees, gym owners have found themselves caught in a financial squeeze which, in all fairness, they have attempted to absorb.
According to the 2023 edition of the State of The UK Fitness Industry report from LeisureDB, gyms and health club average membership costs have only increased by 4.5% YoY, to an average monthly membership in 2023 of £44.92.
Despite the relative restraint shown by gym operators, these increased costs continue to feed the narrative of reduced disposable income for employees.
The Role of Employers in Mitigating Financial Strain
Employers can play a pivotal role in alleviating the financial strain on their employees by incorporating discounted gym access into their benefits plan. By doing so, they not only contribute to the physical wellbeing of their workforce but also address a pressing concern in the current economic climate.
Such a proactive approach demonstrates a commitment to employee health and satisfaction, fostering a positive workplace culture.
Benefits Beyond the Physical
Discounted gym access offers more than just financial relief. Physical activity has been proven to boost productivity, reduce stress, and enhance overall wellbeing.
By providing employees with affordable access to fitness facilities, employers are investing in the long-term health and happiness of their workforce. This, in turn, can lead to increased job satisfaction, reduced absenteeism, and a more resilient team capable of navigating the challenges of a dynamic work environment.
Boosting Employee Morale
In addition to the tangible financial benefits, offering discounted gym access can significantly boost employee morale. It sends a clear message that the employer values the wellbeing of its workforce, going beyond the conventional healthcare benefits.
The sense of appreciation and support can lead to increased loyalty and motivation, fostering a positive work environment where employees feel genuinely cared for.
In a time of economic uncertainty and rising inflation, employers have the opportunity to make a meaningful impact on their employees’ lives by addressing the escalating costs of maintaining a healthy lifestyle. Discounted gym access not only provides financial relief but also contributes to a more engaged, satisfied, and resilient workforce.
As businesses navigate the challenges posed by inflation, prioritising employee wellbeing through a comprehensive benefits plan can be a strategic investment in the long-term success, health and vitality of an organisation.
Find out how Hussle can support you in giving the best corporate gym membership in a package that will foster a healthier, more positive workplace culture across your organisation.