As the year comes to a close, I expect I am not the only reward professional looking forward to the festive break as a much-needed opportunity to take stock, and draw breath. Perhaps we should accept this will be the case every year now given the pace of modern business, however 2024 does seem to have been particularly eventful, with the change in government and subsequent Budget stealing the headlines.
At Wickes, to give us some stability in reward over this past year we have continued to be guided by our total reward principles, an element of which is to be colleague-led when enhancing our benefits. For example, to help with the cost of living we now not only offer employees flexibility in respect of how they access their pay, but also provide simple ways for them to either save regularly or pay down debt, depending on their circumstances.
As we look forward to 2025, even the most optimistic among us would be hard pressed to expect things to genuinely stabilise, instead it may be more prudent to buckle up, and get ready to go again. In terms of priorities at Wickes, further embedding our recently launched employee value proposition (EVP) is a key focus, while continuing to ensure our reward offering complements this. Enhancing colleague wellbeing remains a core part of who we are as an employer, and dedicating both time and investment to effectively promoting our wide range of wellbeing benefits, which include virtual GP, health test kits, and fertility and menopause support, will help us maximise engagement.
In summary, as we prepare to sit back, relax and enjoy a mince pie or two, it is not unreasonable to ponder that 2025 may prove to be equally challenging, with the employer national insurance rise from April at the forefront. To help support the business in navigating this for employees, in reward at Wickes we plan to be cost-focused, joined-up in our thinking, and focused on targeting those areas we expect to have the biggest impact to support colleagues.
Neil Goodwin is head of reward at Wickes
