Did you know FCA figures show that 67% of employees are currently struggling financially? According to the regulatory body, this costs the UK economy £121 billion and 18 million working hours in time off work each year.
To help you support your people money-wise, our HR Consultancy team look at seven strategies you can implement.
- Provide a corporate credit card
For members of staff who are often on the road or out on jobs and need to claim back expenses, you could look at providing them with a corporate credit card. By being able to pay for all work related expenses on a company card, it means they won’t have to worry about being out of pocket by paying out initially themselves and then claiming it back at a later date.
- Introduce an employee assistance programme
Implementing an employee assistance programme can provide your staff with a free confidential counselling service where they can openly discuss any issues that may be affecting their lives, including monetary strain.
Depending on their proposition, Broker Network members have access to our Insurer Partner DAS’s counselling service at no extra cost. The team of advisers on 0344 8939012 are available 24 hours a day and can provide counselling and advice.
- Offer money management advice
Another way to offer assistance is to train your line managers to be able to provide their direct reports, including new starters, with information about any reward packages that they can benefit from as part of their employment.
In addition, your leaders could also be trained to watch out for signs of stress from anyone in their team and signpost them to guidance sources, especially during significant life events which may be causing them to worry about cash flow. You may also want to consider investing in an external provider to deliver a holistic financial education workshop to your staff.
- Launch an employee discount scheme
There are a range of loyalty and reward schemes out there that you can register with to provide your people with financial perks. These can include free or discounted access to clubs, for example a membership where people can save money by buying household items in bulk from reputable warehouses, such as Costco.
- Present a loans or savings scheme
You might also want to consider partnering with companies who could provide your staff with loans by taking repayments directly from their wages. The benefit of these types of loans is that they are often interest free or offer a lower interest rate than other lending providers.
Another avenue to think about introducing is a workplace savings scheme. One option is a Save As You Earn (SAYE) programme where your staff can save up to £500 per month, typically for three or five years, and receive a tax-free bonus at the end.
Other schemes include workplace ISAs, where your employees’ payments are deducted through your payroll. Typically, investment charges on workplace ISAs are lower because as an employer you can qualify for bulk discounts, meaning your staff could save more than if they were to set up an account with a high street bank.
- Provide life insurance
You may want to think about negotiating life insurance for your people, which would allow them to pay for a lower cost policy. This not only saves them money on a monthly basis, it also provides them with financial security for their loved ones in the event of their death.
- Find a champion
Your employees may feel more comfortable speaking with their peers over management about money concerns, so why not consider finding a champion or champions within your brokerage? They can help to deliver your financial wellbeing messages, information and guidance sources to their colleagues in a friendly and approachable manner.
Get in touch to find out more about becoming a Broker Network member and gaining access to our HR Consultancy service.