The impact of the Covid-19 (Coronavirus) pandemic and the requirement to work from home has not been bad news for all. Many employees who can work from home have found the flexible working hours, time saved on commuting and additional money saved on travel, and that morning coffee and lunch out very welcome.
As an employer, it has also been a time to reflect and take a closer a look at what staff really value. Over the last year employers have been able to find the time to re-evaluate their pension and benefits packages, and to consider more meaningful and suitable alternatives for their staff. For many, this has meant introducing a financial wellness element.
According to the Nudge UK HR professionals report in August 2020, more than half of UK workers worry about money issues at least once a week. It stated that the majority of employers surveyed (88%) said that upper management could do more to promote the financial wellbeing of their employees. Those employers that did have a financial wellbeing solution in place said it had had a tangible impact on their business, with 43% stating it helped employee retention and made employees happier.
As a result, some employers are now even changing pension providers to ones that are offering a wider range of products and services to help their members better manage their money today and help them save for a better, financially resilient future. For many employers just having a pension is now not enough.
Whether you have struggled financially during the pandemic or have been able to save a little more than usual, these additional services and benefits will be very favourable to both. As an employer, if you are able to offer products and services via the workplace which can help your employees pay go further each month, assist with better saving vehicles and provide more financial education and support, you will be demonstrating how much you value them and building a deeper level of trust and loyalty.
Jason Green is head of workplace research at BenefitsGuru.co.uk
