Over a quarter of UK employees claimed that financial worries were affecting their performance at work*
What is more, a third of UK employees reported that their productivity was lowered due to financial worries during the cost-of-living crisis *. Employees are suffering from the UK’s new economic landscape, a consequence of the storm of disruption started by Brexit, followed shortly by COVID-19, a skyrocketing inflation and the cost-of-living crisis.
For this reason, companies have started to include financial wellbeing related benefits in their rewards packages. However, it continues to be the least common area implemented in companies’ HR strategies, according to CIPD*.
In this context, employers should seek to alleviate the impact of the crisis on their employees and support their financial well-being more than ever.
How could I help my employees through the cost-of-living crisis?
- Offer a fair salary and rewards package – regularly review your pay, rewards, and benefits policy to ensure they are fair and transparent. Ensure you involve and consult your staff on any changes and effectively communicate these financial benefits.
- Support your staff with expenses – if you can, offer your staff benefits such as subsidised travel and loans, generous sick pay entitlement, and early access to pay, such as with Hastee. Even small things, such as offering coffee and food on-site can make a difference.
- Promote financial well-being and education – financial stress can have a detrimental impact on well-being, as well as productivity and morale. Help your staff learn about managing their finances, such as through personal finance education with Hastee.
- Flexible working – consider allowing employees to work from home to save on travel and food or to travel to work in off-peak hours.
- Savings – share saving education resources and consider incentivising saving habits and goals.
How could Hastee help in supporting your employees?
Hastee, a financial wellbeing benefit with more than 400,000 users across UK, Europe and South America, helps employees to better manage their money by giving them access to their wages in advance, to free personalised financial education content and retail discounts, making their money go further.
Employees that enjoy Hastee as a benefit reported that they feel more empowered and have significantly reduced their financial stress. Furthermore, 86% consider Hastee as a benefit that would make them stay with their company, and 88% would recommend it to their colleagues and friends. **
*Employee financial wellbeing: A practical guide (CIPD, 2023).
**According to Hastee's survey of over 2000 employees from different industries (security, hospitality and healthcare).
