How Trayport used Perkbox to save their employees £100,000 in a year

Six figure savings during economic uncertainty

One of the key challenges for Trayport — as with many businesses — was helping their employees with the cost of living. While they already had a strong financial wellbeing programme, David wanted to go further, and Perkbox’s discount platform was ideal.

“There’s a common challenge around the cost of living. We’ve had a financial wellbeing programme for the last few years where we offer things like mortgage broking and financial information. But we also wanted to provide new ways for people to save on the daily spend or special purchases.”

“We’ve had almost £100,000 of total savings in the last 12 months, which is super high and represents a really, really good Return on Investment for us. That includes £8,000 of savings on gift cards alone, which just goes to show people really are using it and it’s making a meaningful impact and helping them save at a time when the cost of living is super high. So we’re really happy with the ROI there.”

Personalised rewards for every individual

Trayport has a large and diverse employee base, with almost 400 people spread across the UK, Austria, Germany, Singapore and Canada. Caroline says that when looking for a provider, she wanted something that would meet the needs of this varied workforce. This applied not just to the discounts, but to the way she’d be able to reward her people.

“We do have a diverse population, so I think one of the things we’ve looked at when using different providers is being able to provide something for everybody.”

This is something we pride ourselves on at Perkbox — our wide range of benefits and rewards means companies can provide maximum choice. It’s something Trayport really made use of on Employee Appreciation Day, when she gave everybody Reward points. These can be spent at any time by employees, on something they find meaningful — guaranteeing that every reward has an impact.

“Employee Appreciation Day is a really important day for us — it gives us the opportunity to talk about what our employees do that is really great and moving our company forward.

We used Perkbox to do that, so they all got more points in their account. It gave people such a fantastic choice...

If you think about the generational gap at the moment and what people want — they’re actually looking for that individualised, personalised experience. So using Perkbox gave us the opportunity to say: ‘Hey, actually we really appreciate you. Let’s celebrate the day. Here’s some rewards and here’s a fantastic platform where you can spend it where you really want to’.”

Another advantage of our points over traditional rewards is the full visibility employers get — with next to no admin hassle. David explains:

“One of the things we like about Reward points is that we can track it. We get data on how people are spending it, and that enables us to send targeted reminder emails to people who haven’t spent them. You don’t get that with retail vouchers. Also, Reward points don’t expire, unlike many retail vouchers. And for us, there’s a lot less admin than sending out lots of hampers.”

Working together to drive engagement

Trayport employees have been naturally engaged with Perkbox (with an impressive 82% engagement rate). David explains how his team has driven this further.

“We have a number of power users who are really committed and really get it. Those employees have made a lot of savings and we’ll occasionally do a leaderboard (with permission) showing the top users and how much they’ve saved. That taps into people’s competitive mindset and can create a sense of healthy competition.

Getting people to join on Day 1 is key. We include this as part of our induction — one of the first three things for people to do is download the Perkbox app, and that’s really worked well for us.”

“We also find ways to embed Perkbox into what’s happening around us. For example, we recently had a Tesco express open within our building, so we ran a competition to see who could post the best photo of their Tesco meal deal, and gave away some Reward points. We saw a huge uplift on the platform for that week at very little cost to the business.”

The regular updates and improvements to the platform have also had an impact on usage, something David has been impressed with.

“I love seeing the improvements in Perkbox, and they have been quite numerous, especially in the last year. I love the new supermarket saving feature, where you can select your supermarket of choice, tap in your monthly spend and see how much you’ll save over the year. When you see that amounts to £300-400 a year — I think that’s really impactful and I’ve heard feedback from employees that they really like that.

Another feature I like is the personal savings tracker, where it shows the amount of money you’ve saved using the platform to date. I think that really shows the cumulative effect of using Perkbox over time — again, that’s quite impactful.”

A one-stop-shop for employee wellbeing

Another selling point for Trayport was the ability to have a single platform that linked with their pillars of physical, mental and financial wellbeing. Caroline explains:

“We’ve all seen how much employees look to their employer now to look after all of their wellbeing — that holistic piece around being supported fully. That’s one of the really nice things we get from Perkbox. People are driven there by the monetary incentives, but all the other resources around wellbeing are also able to be used, which is fantastic. That’s one thing I really like about Perkbox — it provides that one-stop-shop.”

David agrees, pointing out that Trayport “previously had a mental health platform, plus a discounts and reward platform. So having a single one with retail discounts, rewards and wellbeing meant that we needed fewer platforms — so we were able to make a saving there.”

An elevated EVP

With Trayport having innovation at the heart of its culture, it’s no surprise that Perkbox’s commitment to evolving strikes a good chord. “To me it’s really evident that this is a company that cares about the product,” says David.

“It’s invested in the product and its clients, and is continually evolving and improving. We’ve had a really good experience with the Customer Success team, our Account Managers are very responsive and one thing I like is that you do listen to feedback. I’ve had face-to-face meetings with product managers and seen my feedback go directly into improving the platform, which I really appreciate.

We’re already doing a lot in terms of core insurances and pensions. But to meet employee expectations, I think something like Perkbox helps us elevate to the next level.”