June 15, 2024

IKEA partners with BHN to launch new Home and Tech employee benefit

BHN (Blackhawk Network) today announced that its employee benefit, Techscheme, is rebranding to Home and Tech, owing to an industry-first partnership with IKEA. Employees of participating businesses now have access to IKEA’s full range of products, alongside the existing Currys offering, at a discounted rate. Launching on April 22nd, the rebranded Home and Tech scheme provides customers with the opportunity to save up to 8% on all purchases at IKEA, in addition to any sales and promotions available.

And it couldn’t come at a more pertinent time. New research from BHN reveals that although 16% of employees use their disposable income for furniture and other home goods, a surprising 51% have never used a cost-saving benefit like Home and Tech for those sorts of larger purchases.

The addition of IKEA’s extensive home furnishing range to BHN’s Home and Tech benefit, means that employees can now save money across the full IKEA range, alongside existing supplier Currys who offer a breadth of technology and white goods. Although each employer sets their own Home & Tech benefit spending limit, an employee with £2,000 to spend could save up to £160 a year on furnishing their home. This represents a significant annual saving on furniture and other home goods, which employees typically spend around £420 on per year. Such savings can greatly improve employees’ financial wellbeing, and therefore overall health of the business.

Rising costs continue to put a strain on employee finances. This partnership with IKEA not only allows employees to save money, but also split the costs of larger ticket household items interest-free, eliminating traditional finance barriers like credit checks and additional ‘convenience’ costs. BHN’s Techscheme’s interest-free structure has offered a key solution to this since 2012. However, the need for such options is even stronger today. A 2024 survey shows 58% of employees prefer splitting payments, and 66% have the same frustrations with their benefits package as they did in 2023. Employers risk losing talent by not offering a comprehensive benefits offer to employees; BHN research suggests even basic support, like helping with the costs of furniture and other home goods, can boost retention by 15%.

Kash Henderson, Key Account Manager, IKEA UK and Ireland states that, “Since IKEA launched 80 years ago, affordability has been in our DNA. We’re delighted to launch this partnership with BHN, enabling customers to save on our products and access our range even more affordably than before – another step towards our goal of creating a better everyday life for many people.”

Chris Ronald, VP at BHN added, “IKEA is one of the world’s most recognisable brands, and we are thrilled they have chosen us as their first partner in this space. For our clients and their employees, access to IKEA products vastly expands what it is possible to save through Salary Sacrifice. In a world where employees are looking to split the cost of large purchases, employers must consider how the benefits they offer can help support employees in this respect. Cost-spreading initiatives can have a dramatic impact on an individual’s finances, but the ability to access larger ticket items through salary sacrifice will enable employees to access this in an affordable and financially healthy way.”