Posted on May 30, 2022
In the past week, we have seen inflation continue to rise to a forty-year high of 9% meaning people are paying more for essentials such as food, clothing and transport. Financial concerns can cause considerable stress on our mental health and, according to a CIPD report, one in four employees state that money worries are affecting their ability to do their job and these concerns are not restricted to those on low incomes.
To help you support your people, we’ve highlighted eight strategies you can implement.
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.
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.
Some employees may benefit from working from home to save on travel costs while others may prefer to work at the office to save money on heating and utilities. Flexible working patterns could help to avoid expensive before and after school childcare. Employee finances will be impacted differently and so requests for flexibility should be considered on a case-by-case basis and could be temporary to cover the
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.
Employers can help reduce certain employee costs by reviewing their current benefit scheme, for example, 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 each month but it also offers financial security for loved ones in the event of death.
There is 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.
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 lenders.
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.
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.
Feeling the pinch due to the rise in inflation? At Watkin Davies Insurance Consultants Ltd we want to help where we can. We offer a no-obligation review of your current cover, to ensure that you’re only paying for the cover you need. To find out more, just get in touch in 02920 626 226.
"Very efficient, always friendly and helpful. I have used Watkin Davies for years, and they have always been competitive. I received great support recently when I had to make a claim, so I'd highly recommend them."
"I was very impressed with the quality of the service - it was outstanding. The advisor, Ms Spear went above and beyond to give me the best driving insurance policy. The policy I have received is exactly what I was looking for. Thank you so much Ms Spear!"
"I've used Instructorcover Plus for my driving instructor insurance for a number of years. Not only are prices competitive, even at renewal, but customer service is fantastic. Call operators are always cheerful and incredibly helpful. Everything is always sorted in a single call, saving valuable time. Highly recommend."
"Absolutely superb service from the team, particularly Natalie. Very easy and simple process"
"As aways very efficient"
"I have used InstructorcoverPlus for my driving tuition insurance for a number of years. Their prices are always competitive and everyone I speak to is friendly and helpful."
"Ceri was very helpful and knowledgeable on the phone"
"Karrie Brewer was so helpful today, especially as one insurance company would not quote, so had to shop around for us, many thanks"
"Kelly is amazing. Very helpful and friendly, did a great job today with helping me out to get insured. Amazing service!"
"Great service. Got my first driving instructor insurance with this firm. Price was competitive and customer service provided by Jane was great. I will definitely recommend the service."
"Team were very helpful when it came time to renew my policy, taking the time to check and make any amendments needed. Would highly recommend."
"5 stars!"
"Excellent service from Watkin Davies as per usual. I love the way they do all the hard work researching best quotes and provide you with your options. All the staff are very friendly and professional, I have to highlight Ceri who always does a fantastic job for me and my family."
"Really helpful and efficient customer service, friendly and knowledgeable too. I would highly recommend InstructorcoverPlus."
"I m a returning customer and what a wonderful experience. Emma is new to her role but she was very helpful and polite throughout. She got the quote done very quickly and managed to beat all my other quotations. I therefore didn't have to waste any more time. Further she offered me three instalments at 0% which is helpful in this current economic climate. The paperwork was sent straight away. Highly recommended."
"Once again, could not have been more helpful! Still a pleasure to speak to a 'real person' who knew what they were talking about!"