Enhancing Worker Resilience During Economic Struggles
In the current economic climate, a significant number of UK employees are grappling with financial instability. According to recent research, an alarming 65% of employees do not believe that hard work will guarantee them financial stability. This sentiment is further compounded by the fact that 40% of UK workers experience financial stress at least once a week.
The UK currently holds the highest inflation rate in the G7, and businesses are feeling the pinch. This, in turn, limits their potential to offer pay raises, making it crucial for companies to explore alternative ways to support their employees.
One such approach is through continuous internal communication. By fostering open conversations about financial and mental health matters, businesses can help remove stigma and encourage participation in support programmes. This strategy is key, as only 1% of Brits would feel comfortable discussing financial matters with a colleague.
Offering a wide range of discounts is another effective method. Given that employees have diverse needs and wants, a comprehensive discount programme can help them save money on everyday expenses like groceries, toiletries, and travel.
Salary sacrifice schemes, another financial benefit, can fund various HR initiatives like cycle-to-work schemes, car benefits, childcare vouchers, or holiday allowance trading options. These schemes, which have minimal overhead costs and often result in greater National Insurance savings, make a tangible difference to take-home pay.
The SmartTechTM scheme, for instance, enables employees to buy white goods and consumer or health technology products instantly and affordably, with free financing from their employer.
Employee assistance programmes (EAPs) are also offered by some businesses to help employees address financial stress and wellbeing. These programmes offer counselling, advice, and practical information to help employees budget, save, and manage finances for long-term stability and sustained wellbeing.
Upskilling managers with training to engage in conversations about wellbeing can be meaningful and impactful. Encouraging open conversations about finances and wellbeing in the workplace, as suggested by the HR Priority Report, can go a long way in alleviating the financial stress among UK employees.
Financial benefits like salary sacrifice schemes and discount programmes empower organisations that want to demonstrate a genuine commitment to enhancing their employees' financial stability and wellbeing. By offering these benefits, businesses can not only help their employees navigate the current cost of living crisis but also foster a more supportive and resilient workforce.
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