Drinks brand Sipsmith has launched an all-in-one financial wellbeing solution for its more than 60 UK employees, to help with their financial education.
The platform, provided by Bippit, offers staff access to professional financial coaches and money management tools to help them make the most of their salary and navigate the cost-of-living crisis. This is a P11D exempt benefit, which removes tax implications for employers.
Sipsmith introduced this assistance for its UK workforce in order to increase employee engagement, provide extra support that it cannot offer itself and that staff do not already have on a day-to-day basis, and become a more attractive employer by having strong benefits in place.
The Bippit platform provides staff with access to professional coaching, personalised money management plans, including tracking goals, analysing spending, and participating in challenges, targeted learning resources and interactive workshops on subjects such as pensions, protection and budgeting.
Jessica Simpson, people and culture manager at Sipsmith, said: “We’re a family unit where people come first, and this means looking after everyone’s wellbeing. I see the value in all types of wellbeing, and believe there’s various pillars to it: mental, social, physical, and financial. We have quite a young generation of employees at Sipsmith, with many people in their first jobs. Many don’t know how to save as they’ve not been taught it in school. If we can help our staff with their financial wellbeing then they will be happier, less stressed, and more productive.
“The platform is a really good way for us to start financial conversations, and by talking to a financial coach, our staff may want to engage with another benefit we offer that they hadn’t experienced previously. They can think about their pensions and plan for the future, and now have a platform to support them with this.”