All Financial wellbeing articles – Page 86
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OpinionDuncan Brown: Is total reward flexibility the wrong target?
Reward professionals have, quite rightly, been obsessing for many years about the need for greater flexibility, a desire which in fact drove the whole total rewards movement. Uniform market-identikit packages with a lack of innovation and no element of flexibility are limited in their perceived value, and restrict female and ...
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Case StudiesCoventry Building Society introduces paid carers' leave to mitigate financial worries
Coventry Building Society's paid carers' leave initiative, which launched in July 2018, enables all 2,500 direct employees working across its 70 branches and six head office sites to take up to three days of paid leave a year to accommodate caring responsibilities.Lucy Becque, HR director at Coventry Building Society, says: ...
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AnalysisHow can employers ease financial burdens for carers?
Need to know:Working carers face unique financial challenges, including receiving lower pay if they have to reduce their hours, and catering to them is vital for retaining key talent.Offering paid carers’ leave is important, as it ensures that employees do not have to choose between using up annual leave or ...
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Case StudiesAviva introduces paid carers’ leave to help employees remain at work
In October 2017, Aviva introduced paid carers’ leave, to ensure that members of its 16,000-strong UK employee base could deal with responsibilities and events in their personal lives, without exiting the workplace.The carers’ leave enables employees who have a dependant, either permanently or in an emergency, to take 10 days ...
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OpinionKatherine Wilson: Employers need to be confident in supporting carers at work
Juggling work alongside caring for a loved one who is older, disabled or seriously ill can be a tricky balancing act. Nevertheless, many make this commitment, particularly those in their 40s and 50s.Juggling work and unpaid care: A growing issue, published by Carers UK in February 2019, shows that almost ...
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Supplier articleRemoving friction and barriers is key to financial wellbeing
Money worries are something most people can relate to – in fact research shows that UK workers often run out of cash before payday. For those that have little to no savings to fall back on, this has a detrimental impact on wellbeing. But this financial stress doesn’t just impact ...
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ArticleKavitha Sivasubramaniam: Finding flexible ways to reduce financial worries
As our Financial Wellbeing Week, in association with Wealth at Work, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.An increasing number of businesses are recognising the affects of financial worries on employees, particularly the ...
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AnalysisTop tips to support employees with unhealthy financial habits
Need to know:Addictive and unhealthy financial habits, such as gambling, are hard to spot, so financial wellbeing initiatives must offer a variety of supports to help employees with a wide range of needs.Looking into staff behaviours and demographics can help tailor communications and construct a strategy that fits with the ...
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Case StudiesHays places financial support at the centre of its wellbeing strategy
Global recruitment organisation Hays recognises the importance of supporting staff with their financial concerns, and addresses this as one of its key pillars of wellbeing.Hays' financial wellbeing strategy covers a range of issues, including debt consolidation and everyday savings. As part of this, Hays promotes its employee assistance programme (EAP) ...
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OpinionJonathan Watts-Lay: Five ways to help employees facing retirement
In the new world of freedom and choice in pensions, one of the fundamental elements of employee financial wellbeing is retirement preparation. Many employees will turn to their workplace for support at this stage of their life, so Wealth at Work has listed five ways employers can help staff who ...
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OpinionHelen Undy: Employers should help staff build financial resilience
Overstretched, overdrawn, underserved: Financial difficulty and mental health at work, published by the Money and Mental Health Policy Institute in May 2017, found that two-thirds of UK employees who are struggling financially also show at least one sign of mental ill-health. These are issues that could affect their ability to ...
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ArticleEXCLUSIVE: Less than two-fifths of organisations offer financial education to employees
EXCLUSIVE: The number of organisations offering financial education to all staff has reduced slightly this year, dropping from 41% in 2017 to 36% in 2018, according to research by Employee Benefits and Barnett Waddingham.The Employee Benefits/Barnett Waddingham pensions research 2018, which gathered 246 responses and was published in December 2018, ...
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ArticleFour-fifths rely on alternative finance options to source money between paydays
Almost four-fifths (78%) of UK employees rely on finance options such as credit cards in order to source money quickly between paydays, according to research by on-demand pay provider Hastee Pay.The study, which surveyed 1,000 working individuals in the UK, also found that among London-based employees, the proportion relying on ...
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Supplier articleNew research highlights importance of saving for workers
Salary Finance has launched a new guide in association with Yorkshire Building Society, lifting the lid on how money troubles are affecting the wellbeing of UK workers.The Employer’s Guide to Savings is based on extensive research undertaken by Salary Finance into the importance of saving and how this directly relates ...
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ArticleEXCLUSIVE: Face-to-face methods are most popular for delivery of financial education
EXCLUSIVE: Among those organisations that offer financial education to their employees, face-to-face delivery continues to be the most popular method, according to research by Employee Benefits and Barnett Waddingham.The Employee Benefits/Barnett Waddingham pensions research 2018 report, which canvassed the views of 246 respondents and was published in December 2018, found ...
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ArticleCamden Town Brewery sees 30% take up of flexible pay benefit
London-based Camden Town Brewery has seen 30% of its 160-strong workforce utilise a benefit that enables them to access a percentage of their monthly wages prior to payday.The benefit, provided by Wagestream, was introduced in September 2018 to help reduce employees’ financial stress and assist with monthly budgeting challenges, addressing ...
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AnalysisFinancial health: Helping employees plan for short and long-term financial goals
Need to know:The new year is a time for positive financial changes, and employers should embrace this, as monetary wellbeing translates directly into happiness and productivity.Rather than just focusing on pensions for the long-term, organisations should consider all aspects of financial wellbeing, including short-term items like loan repayments.Communications should be ...
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Case StudiesOvo Energy helps employees save for the future with a workplace Isa
Ovo Energy is a growing energy supply organisation based in Bristol. It launched a flexible benefits proposition with Thomsons in 2014, through which it provides employees with 4% of their salary for investment. In October 2017, it added a new dimension in the form of a workplace individual savings account ...
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Case StudiesInvestec aims to address sustainability within its wellbeing strategy
In order to explore how sustainability can be incorporated into a wider wellbeing strategy, financial services organisation Investec is testing the waters with an employer-paid cycling scheme.Investec, which has 3,200 employees across 16 operating sites in the UK, is looking to roll out an organisation-wide, employer-paid cycling scheme in February ...
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ArticleAlmost two-fifths of employers do not view financial wellbeing strategies as a priority
Almost two-fifths (37%) of employer respondents that have no plans to implement a financial wellbeing strategy for staff state that this is because it is not a priority, according to research by Close Brothers Asset Management.Its Financial wellbeing index 2019 report, which surveyed 1,003 employers with 200 or more staff ...