Monday 3rd June 2019
Why it pays to care about Employee Financial Wellbeing
Employee wellbeing is a multi-faceted, multi-dimensional issue, in which an employee’s financial and economic status can play a huge role.
Did you know…
Employees with financial worries are 3.8 times more likely to suffer from anxiety and panic attacks, and 4.9 times more likely to suffer from depression?
However, employee financial wellbeing is also made up of several factors, ranging from basic pay-rate through to financial security and planning for the future. Many studies have found that income level is not the best indicator of financial wellbeing. For example, a survey of 10,000 people by Salary Finance found that the two groups with the highest rate of financial stress are both those with the lowest pay and those with the highest.
Employee wellbeing is linked to key organisational outcomes, such as quality of output and retention rates. Therefore, it’s important for organisations to be providing wellbeing services, including financial welling services. Through our SMART Employment model and our GrowthPro platform, we offer several services to help boost employee financial wellbeing.
With SMART Employment, we take on the burden of a company’s Payroll and Pensions, offering a reliable and efficient service that removes any stress or uncertainty that surrounds the process of the employee receiving their financial reward. This in turn boosts employee wellbeing by allowing them to securely plan for the short-term future, as well as long-term through investing in a solid pension plan. Employees won’t have to worry about missed paydays, pay check mistakes or pensions mishaps. They can also access their pay check and pension information throughout the GrowthPro portal, making it easy for them to keep track of their financial situation.
With GrowthPro, employees can access over 9000 high street and online discounts, saving with brands like Boohoo, SKY and Apple. By providing your employees with access to this, we are helping them to make their pay-check stretch further and save them money. This could then increase the amount of disposable income an employee has, removing the worrying if a surprise bill comes through the door, in turn improving their financial wellbeing. Furthermore, with our online GP, they will no longer have to worry about taking days off for doctors’ appointments. Allowing them to schedule a video consultation and receive medication without having to sacrifice any pay.
The size of the pay check you give to an employee doesn’t correspond to their financial wellbeing, there are a lot of other factors that an organisation needs to consider. SMART Employment, with its efficient and reliable services that act in the best interests of all, combined with excellent added benefits, is one of the leading options for the employer who truly cares about all aspects of employee wellbeing. SMART Employment is for the smart employer.