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 or workloads for the workforce, which consists of a mixture of 11 recruitment consultants, delivery consultants and business support employees.
The firm also funds an independent financial adviser (IFA) who helps to raise knowledge on a variety of topics, including savings, pensions, mortgages and investments. The IFA also sits down independently with each employee to discuss personal financial needs.
Mexa Solutions also has an employee assistance programme (EAP) and has invested in a mental health champion to provide confidential peer-to-peer support.
The business has taken a tailored approach, working with staff to identify and fund the support they need, such as financial advisers, therapy or support groups, explains Simon Bath.
“We are also introducing additional perks that aren’t dependent on work successes or hitting targets, to help with financial burdens our staff might be facing," he continues. "This includes giving them the choice of food shopping vouchers, paid Netflix subscriptions, Starbucks vouchers or gym memberships for the month, so they can select which would help them out the most."
Mexa Solutions has an open-door policy, prioritising being approachable and looking after its workforce. It has also worked to counter certain workplace expectations that often have a financial impact for individuals, including buying birthday cakes for the team, mandatory rounds of drinks, lunches, or coffee rounds. This removes the pressure for those who are not financially able to contribute each time.
Sharing useful expert advice on things such as savings, mortgages and budgeting is a strong way of supporting employees, says Bob Bath.
The employer also has a compassionate leave policy, which can be taken at short notice, and even offered one member of staff flexibility when they had to find a new childcare provider at short notice, rearranging working days to fit their situation as it arose.
This is all part of ensuring that staff feel valued within the business, which helps in terms of turnover and loyalty, in addition to the financial and wellbeing benefits at an individual level.
Bob Bath says: “The biggest thing [employers] can do is to pay them what they deserve. Don’t wait until they are looking to leave, be aware of their worth in the market and ensure the salary you offer is a true reflection of the current economic climate. That means reviewing things like salary on a regular basis.”
Bob Bath believes it is important for employers support staff with their everyday financial wellbeing, as they are what makes the business.
He concludes: “By looking after staff, [they] will not only increase retention, which is a massive cost saving, but [they] will also keep that expertise and knowledge within [their] business. Being a smaller organisation, we genuinely care about our staff. We all have a close-knit relationship, so wouldn’t want to risk losing staff by not looking after them properly.
"Their mental wellbeing and feeling like a valued member of the team is key."
Read more:
Supporting everyday financial wellbeing in a changing economic climate
