All Financial wellbeing articles – Page 32
-
Supplier articleWhy should you support your employees’ money management?
As an employer, there are many benefits you are legally required to provide so that the overall wellbeing of your employees is cared for. But there is also room for some non-legal requirements, known as perks, that can aid the everyday life of your team.Good perks can have positive trickle-down ...
-
Case StudiesMitie focuses on front-line reward as cost-of-living crisis mounts
Strategic outsourcing and energy services business Mitie has tight margins, but still sees the importance of protecting and supporting front-line staff during difficult periods, meaning it has to focus on benefits that are affordable for the business, but make a real difference to employees.Jasmine Hudson, chief people officer at Mitie, ...
-
AnalysisHow is the cost-of-living crisis affecting what employees want from their benefits packages?
The cost-of-living crisis has employees demanding pay rises in line with inflation, but many employers are unable to afford this long-term.Benefits that support financial wellbeing and education, including day-to-day budgeting and discounts, can help pay stretch further without raising pay.Employers should focus on practices that are sustainable and work for ...
-
ArticleZurich UK enhances financial support package for employees
Insurance group Zurich UK has introduced a package of financial wellbeing support for its 5,000 UK employees, and has donated more than £2 million to charities and national and local partners selected by employees.In order to support employees during the cost-of-living crisis, this week Zurich introduced financial education, webinars, access ...
-
ArticleAverage pay growth high but failing to keep pace with inflation
Growth in total pay, including bonuses, was 5.9% in the final quarter of 2022, while pay growth excluding bonuses was 6.7%, according to the latest labour market data from the Office of National Statistics (ONS).For pay excluding bonuses, this was the highest growth rate seen outside of the Covid-19 pandemic.In ...
-
ArticleNatWest acquires majority shareholding in savings fintech Cushon
Credit: William Barton / Shutterstock.comBanking organisation NatWest Group has acquired 85% shareholding in workplace savings and pensions fintech Cushon, with the remaining 15% retained by Cushon management.NatWest made the move in order to offer commercial customers and their employees a suite of financial wellbeing products. It follows similar acquisitions by ...
-
Supplier articleWhat is Social Value: Key trends and factors to consider in 2023
You might have noticed that it’s becoming more and more important for businesses to do good and to prove they’re doing good. This has led to lots of discussion around social value – and this is a trend that’s likely to continue throughout 2023 and beyond.So, if you’re still wondering ...
-
Supplier articleGen Z to Baby Boomers: how financial stress affects generations differently
Many organisations are creating new programmes and policies to support their employees’ financial wellbeing. But how are different generations of employees coping amidst the cost of living crisis?And how can you ensure you help every employee, across every key life stage?In autumn 2022, Claro Wellbeing conducted a nationally-representative survey of ...
-
ArticleHigher education staff across UK strike over pay offer
Higher education employees at institutions across the UK, including Glasgow, Edinburgh, Leeds and more, have commenced strike action over a pay offer.Administrators, cleaners, library, security and catering staff are among those taking industrial action, with many having also walked out last September, October and November.The dispute is over a pay ...
-
ArticleBarton’s blog: What are the limits to employers’ cost-of-living support?
This week we have seen more employers implement policies to help staff with cost-of-living increases, but it poses the question: how far will employers go in their efforts to offer support?In recent months we have seen examples of energy bills paid for by employers, as well as pay rises and ...
-
ArticleThe top 10 most-read articles between 3 - 9 February 2023
The top 10 most-read articles on www.employeebenefits.co.uk between 3 - 9 February 2023 were: Half of private sector pay awards will give at least 5% in 2023J Murphy and UK Power Networks named best UK big employers for Q1 2023EXCLUSIVE: 90% say flexible pay improves their financesRolls-Royce reports 1.6% mean ...
-
ArticleFinnebrogue Artisan and Mash Direct team up to offer employee food bundles
Irish food producers Finnebrogue Artisan and Mash Direct have joined forces to offer their workforces food bundles to help ease cost-of-living pressures.The County Down-based businesses have committed products to each other on a weekly basis in order to create the food bundles, which employees can access via a newly created ...
-
Article20% of DC pension members opting out or reducing savings
One in five defined contribution (DC) pension schemes reported an increase in requests to reduce or opt out of pension savings over the past three months, according to research by Aon.The data came from the professional services firm’s first edition of DC Today, a pulse survey tracking UK DC schemes, ...
-
Supplier article4 ways staff money worries are hurting your business
Financial stress is one of the leading factors affecting mental health today.Almost three quarters (73%) of working adults say they are worried, unhappy or stressed about their finances, according to research by Claro Wellbeing, and it’s affecting our work, relationships and overall wellbeing.Many people across different industries and salary brackets ...
-
ArticleEXCLUSIVE: 90% say flexible pay improves their finances
EXCLUSIVE: Nine in 10 (90%) employees reported that their financial situation is either stable or improved after switching to a flexible pay cycle, according to research from Wagestream.The financial wellbeing provider's whitepaper 'Unlocking the pay cycle' was authored by its head of impact and inclusion Emily Trant, with advisory input ...
-
ArticleCrown Prosecution Service awards barristers 15% pay rise
Credit: TK Kurikawa / Shutterstock.comThe Crown Prosecution Service (CPS) has given prosecution barristers a 15% pay rise to counteract the shortfall in advocates willing to take instructions.The increase in fees was announced by Max Hill KC, CPS’ director of public prosecutions, at a Bar Council meeting. The move was made ...
-
Supplier articleKey areas employees should understand if they are made redundant
Facing redundancy can be an intimidating time, therefore it is important for employees to be aware of their rights and have a clear overview of their finances. WEALTH at work have provided an overview of some of the key areas that employees will need to understand if they are made ...
-
Case StudiesMexa Solutions goes beyond pay to support everyday financial wellbeing
IT recruitment consultancy Mexa Solutions, founded by brothers Simon and Bob Bath seven years ago, gave its team a 10% pay rise in October 2022 to mitigate the financial burdens they may be facing in the current uncertain times.The pay rise did not come with any stipulations about increased output ...
-
AnalysisSupporting everyday financial wellbeing in a changing economic climate
Employers are experiencing increasing demand from employees for salary rises because of the pressures on everyday financial wellbeing, such as the ever-rising cost of living, inflation and interest rates.Employers can offer their workforce support on how to save by utilising their workplace benefits, including discount schemes and budgeting tools.Financial education ...
-
ArticleHalf of private sector pay awards will give at least 5% raise in 2023
More than half (53%) of pay awards have given or are set to give employees increases of 5% or more in 2023, compared with a third of awards hitting that level last year, according to the latest monitoring figures from Incomes Data Research (IDR).Almost three in 10 (28%) said they ...