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Google searches for ‘cost of living’ have increased by 4,555%. Rising bills don’t seem to be disappearing fast so employees’ financial well-being remains a high priority as we move into 2023. Below is a few things you might want to think about…
Office migration – a return to the office could be a cost-saving necessity for some employees. There’s no one-size-fits-all so a flexible approach allows agility and avoids employees potentially being left out in the cold. Here’s some more to think about.
Employee loans – something we’re dealing with more and more, and a complex question. If it’s something you’re willing to facilitate, consistency is key and introducing a policy will support implementation. We’ve covered the topic in more detail here and we’ve added a ‘loans policy’ to Intelligent Employment – find out more.
External support – there’s lots of great tools and support out there to help employees through challenging times. Whether that’s ‘bill priortiser’ tools, independent free debt advice, or general financial well-being tips – knowing where to signpost employees is key! We’ve covered lots of great initiatives in our ’10 minutes with’ The Money and Pensions Service – you can watch here.
Financial well-being policy – ensuring you have a financial well-being policy in place will help you create an environment where employees are able to share their concerns and understand the support available to them. Your policy can outline where employees can access support as well as company benefits schemes that may help reduce their outgoings (and more). You’ll find ours on Intelligent Employment.
Get in touch if you’d like to discuss anything we’ve covered in more detail and how you can support your employees’ financial well-being.
This update is accurate on the date it was sent (25 January 2023), but may be subject to change which may or may not be notified to you. This update is not to be taken as advice and you should seek advice if anything contained within affects you or your business.