Funding Circle, a small business loan platform for small-to-medium-sized enterprises, has introduced a wellness allowance by increasing the allowance its 600 employees are entitled to £500.
The wellness portion of the allowance is designed to give staff the freedom to choose what they need to live a more healthy and balanced life and what will make a difference to their wellbeing, for example, new running shoes, gym classes and memberships, or cookery lessons. Employees can also transfer their wellness allowance to support their learning and development if they want to do so.
The business has set aside £300,000 this year to enhance its established learning and development allowance available through its Money To Do More scheme, with the aim of supporting staff development and wellbeing. Its previous £300 learning and development allowance was designed to help employees achieve personal and career progression goals and can be spent on relevant textbooks and subscriptions, classes or conferences.
As well as its Money To Do More scheme, employees have access to an extensive range of employee benefits including enhanced parental leave, equity for all workers, private medical insurance and an electric car scheme.
Victoria Bradford, people director at Funding Circle, said: “Funding Circle is a mission-led business and our people and our culture are among our most important assets. We’re really proud of the value we place on the career development and wellbeing of our circlers, and Money To Do More is just one element among the raft of benefits we offer. If it helps our [employees] feel good and find the right balance then it’s important to us.”