Posted on: Wednesday July 20, 2022

It may have taken a pandemic to make employee wellbeing more than a buzzword. However, it’s now accepted that the wellbeing of colleagues is integral to successful performance. Financial wellbeing in particular has accelerated up the corporate agenda as a result of the cost of living crisis over the past few months. As financial worries can keep employees from performing at their best, responsible employers would be wise to help their employees make sensible financial choices and adopt healthy financial habits.
Ways to help your staff
Consider wage streaming / flexible pay
This gives employees access to a portion of their wages as soon as they have worked the hours, rather than waiting until the end of the monthly pay cycle. The idea is to alleviate cash flow problems along with the resulting financial stress and the potential for going into debt. For example, for many people having to meet an unexpected expense mid-month could mean resorting to a payday lender with sky-high interest rates.
Accessing wages before payday gives employees a higher sense of control over their cash flow and budgets. As an employer, you can set a limit on how much of their pay packet staff can stream per month – usually, this is around 30%-40%.
This benefit works well for employers with shift workers. Providers also offer fintech-enabled features like wage tracking (visibility of earnings in real-time) and gamified savings accounts to encourage financial resilience. Download our Financial Wellbeing Report for more information.
Impart knowledge and advice
Often information that seems obvious to organizations, is not so obvious to employees. Employees need appropriate information, education and advice to help them achieve good outcomes from their decisions to save, spend and borrow. This can be anything from how to decode a payslip to understanding how to save for retirement.
When approaching the subject of money with staff it can be difficult to tread the line between giving advice and overstepping. Signposting staff either directly or through a trusted partner can be a prudent way to offer support. The Money and Pensions Service offers a wealth of free resources to help everyone to discuss and improve their financial wellbeing. By guiding your staff to places where they can also learn to help themselves, you’ll empower them to build autonomy and develop their financial aptitude. Using an employee benefits platform is an efficient way for employers to house all the relevant information staff may need – for example, joining an educational webinar on their phone. Discover Hapi, Personal Group’s mobile-first employee wellbeing, benefits and engagement platform and see what’s possible.
Offer support
Usually, this is delivered through an Employee Assistance Programme (EAP), a confidential service that enables employers to help staff with personal or workplace issues that might be impacting their performance, wellbeing, and mental or physical health.
When it comes to financial wellbeing, an EAP is a useful resource. It provides employees with direct access to debt counselling, financial advice, and more. Many EAP providers have links to charities or government organisations and users can access calculators for credit card debt, pensions, and money health checks. They may also offer advice on housing issues like mortgages and tenancy agreements. What’s more, the phone line can be extremely valuable to employees whose money worries are affecting their mental health but don’t feel able to confide in a friend or family member.
Look into discounts
Available from a wide range of major retailers, these enable employees to save money on everything from grocery shopping to luxury brands, dining out and days out. With discount codes downloading direct to employees’ phones, it’s a simple way for employers to help make everyday life more affordable.
To find out more about supporting your employees with financial wellness, contact Personal Group and if you haven't already don’t forget to sign up to our blog.
Engaged Employees… Not the ones with rings on their fingers!
A celebration of love, overpriced flowers, and subtle disappointment when your partner buys the same card as last year. But what about love in the workplace? Not the HR-incident kind, but the kind we should all strive for: employee engagement. That elusive spark that makes employees want to give their all, not because they have to, but because they want to.
Posted on: 14 February 2025 by Lisa Hack, Head of Product
Are you Tackling the Causes Behind National Sickie Day?
The first Monday of February, often dubbed “National Sickie Day”, has gained notoriety for being the day when employee absences peak. For many organisations, it’s a wake-up call. While it might sound like a light-hearted quip, the reality is that a spike in absences can signal deeper issues within your company.
Posted on: 31 January 2025 by Zach Berwick, New Business Development Director
Salary Sacrifice Schemes: What Are They, and Why Should You Care?
Let’s face it, when you hear “salary sacrifice,” it doesn’t exactly scream “perk of the century,” does it? The term itself sounds like the HR equivalent of eating your greens – good for you, but nobody’s skipping to payroll in excitement. But here’s the twist: salary sacrifice schemes are actually a win-win for both employers and employees, and I’m here to explain why you should take them seriously – before your competitors do.
Posted on: 24 January 2025 by Lisa Hack, Head of Product