Posted on: Friday December 15, 2023
This year has brought financial challenges for many employees, with UK households facing a £3bn decrease in Christmas spending compared to the previous year. As the cost-of-living crisis looms, employers must support their teams during the festive season to prevent financial strain. Here are the few ways you can help:
Early Payments Awareness:
Remind employees that December salaries might be issued earlier due to holiday closures, and the next payday might be at the end of January, a longer 5-week gap. Recognise the financial stress this can cause and emphasise the importance of year-round employee support.
Financial Wellbeing Benefits:
Employers can assist by offering valuable financial wellbeing benefits.
- Employee Retail Discounts: Provide discounts from major retailers, accessible through mobile e-vouchers. This helps employees save on various purchases, from groceries to luxury items.
- Technology Benefits: Enable access to the latest technology through salary sacrifice schemes, allowing for affordable payments over 12, 24, or 36 months. No upfront costs or credit checks make it inclusive for all employees.
- Wage Streaming/Flexible Pay: Grant employees access to a portion of their wages as they earn it, reducing cash flow problems and potential debt. Set limits on streaming per month, offering financial flexibility without the need for credit checks.
- Crisis Spending Assistance: Acknowledge the emotional strain of the holiday season and the temptation of impulsive spending. Provide financial coaching services to enhance financial literacy and budgeting skills, preventing crisis spending.
Communication is Key:
Ensure employees are aware of these benefits to make the most of them. Clear communication enhances the effectiveness of the support offered.
This festive season, prioritise your employees' financial wellbeing by implementing these thoughtful measures. Supporting them during these challenging times is not only a valuable gift but also contributes to a positive and engaged workplace.
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