Asda has introduced one of the nation’s biggest workplace savings initiatives for its 150,000 employees.
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Staff can save by either setting a fixed amount to be taken out of their regular pay packet, which will be deposited into their workplace savings account, or by “rounding up”, where shift payments are rounded to the nearest pound and the difference deposited into their accounts.
Asda chief people and corporate affairs officer Hayley Tatum told the title: “This new benefit is alongside other financial benefits and support we already offer our colleagues at Asda, which includes financial education, budgeting tools, discounts and flexible pay.”
The launch of its new workplace savings scheme coincides with the supermarket’s broader efforts to improve its performance, which has fallen behind competitors such as Tesco, Sainsbury’s, and Morrisons.
Data from NIQ last month highlighted that while overall sales at UK supermarkets grew in August due to warm weather and increased household spending, Asda struggled, as sales declined by 6.4% and it lost 1.3 percentage points in market share over the year.
This underperformance followed a 5.3% drop in second-quarter sales, prompting Asda chairman Stuart Rose to admit he was “embarrassed” by the group’s results.
Co-owner Mohsin Issa unveiled a £30m investment plan in August, aimed at reversing the decline by the end of the year.
The package will be invested in increasing staffing hours and improving customer service levels.
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