Employers who include, even prioritise, financial benefits in their overall rewards scheme are correctly reading the current mood of employees. Not all businesses and HR departments, however, acknowledge the importance of offering a structured plan when it comes to financial wellness. Unsurprisingly, this lack of awareness isn’t going down well in the workplace. After all, money worries don’t go away if we ignore them – take a look at some of the facts below:
What happens when debt happens?
Employees are actively seeking financial benefits as part of a rewards scheme. There’s a good reason for this. People are going to feel the financial squeeze at some stage in their life, whether it’s the cost of getting married, buying a house, paying for childcare, or simply falling into the monthly habit of spending more than we earn. Debt happens and debt-related stress often results in a person feeling anxious and overburdened. This can lead to underperformance and absenteeism at work, which is a drain on employees and business.
Addressing debt-related stress
As employee experience providers, we help employers create a complete financial wellbeing solution for their employees. The goal is to address debt-related stress and improve a person’s financial life, which is a smart move when it comes to attracting and retaining talent in the workplace. It also shows responsibility, awareness, and sends out a positive message: don’t suffer in silence, we can help. Actually, we can help in more ways than one.
Helping employees manage their money
Team Rewards works in partnership with Neyber, an award-winning financial wellbeing provider to help employees manage their money better. We’re committed to improving financial wellbeing and happiness in the workplace at no cost or risk to the employer. Neyber also has an excellent in-house team of financial experts dedicated to supporting employees who want to get their finances in order. Here’s more of what we do:
As you can see, the emphasis is supporting employees through every step of their financial journey. It’s about acknowledging that anyone going through financial difficulties in their personal life will probably take their problems to work with them. Take this problem away, people become happier, healthier and more productive. Good financial wellbeing solutions make this happen. It also allows employers to do more without risk. Neyber slots in seamlessly with your payroll system to co-ordinate salary deductions, so there’s no administration hassle either.
Representative example: 7.9% APR Representative based on a loan of £7,400, Repayable over 5 Years at an Interest rate of 7.9% PA (fixed), Administrative fees: £0, Monthly payment of £148.73, Total payable £8,923.80
*The DNA of Financial Wellbeing Report 2018 – Neyber
Loans are subject to status and lending criteria.
Neyber Ltd is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 718709. Registered address: First Floor (East), Tabernacle Court, 16-28 Tabernacle Street, London, EC2A 4DD. Company registered number: 08806631. Data Protection Registration Number: ZA039009.