By Paul Chedzey, Commercial Director of WorkLife by OpenMoneyÂ
If ever there was a time to fight for financial wellbeing, this is it. Such is the scale of the cost-of-living crisis, it was always bound to become a hot topic in the workplace too.
An overwhelming majority (95%) of firms we engaged with as part of our latest Small Business Monitor research were concerned about the impact of rising living costs on their employees’ finances.
This is reflected in concerns from staff themselves too. Some 42% of SMEs say their employees have expressed concerns about their salary not covering higher living costs – up from 30% earlier this year.
The extent of people’s financial wellbeing is determined by how they feel about their financial situation, not just by much they have in the bank. Not feeling in control of money can trigger significant mental strain for a person and have a corrosive effect on their overall wellbeing. That not only impacts the individual but also productivity in the workplace.
We applaud the efforts of big brands who are working to support employees in this area; however, we want to ensure every employee gets access to the best available support.
Come January, we’ll be launching a platform that brings together practical, hands-on support which will empower employees to take control of their personal finances through learning, coaching, and advice.
This initiative is the first of its kind to offer a meaningful first step to improving the financial wellbeing of employees across the UK, regardless of where they work.
We want everyone to have the tools to maximise their financial wellbeing. If you, too, are concerned about your employees’ financial wellbeing we’d love to hear from you financialwellbeing@worklifebenefits.uk.
Powered by OpenMoney, WorkLife is a digital platform on a mission to help businesses of all sizes to improve employee wellbeing. And in so doing, improve their retention and attraction of talent.
Top of the range financial wellbeing services are core to WorkLife’s proposition. It combines regulated financial advice and market-leading benefits with low cost and transparent fees, allowing SMEs to reward their employees with the same great perks as those traditionally only enjoyed by employees at larger companies. The platform enables companies to take an holistic approach to employee wellbeing, making sure they are covered across all the financial, mental, social, physical and environmental aspects of their life.
For more information on the WorkLife platform, click here.
