[UK] Less than half of employees are offered financial wellbeing support

Less than half of the UK’s employees are currently offered financial wellbeing support by their employer, ResponseSource reports.

As the UK marked National Financial Awareness Day on August 14, CloudPay released a survey revealing that only 48 per cent of professionals receive financial wellbeing support from their employer. 

CloudPay reportedly called on payroll, finance and HR leaders to rethink efforts to help employees gain the skills and knowledge to effectively manage their finances, and leverage the potential of new technology and modern pay platforms.

Borja Perez - Vice President Product Management at CloudPay - said, “Employees across the globe are facing a sustained period of tough economic conditions, and with many expecting things to become more difficult, now is the time for employers to take action. There’s no easy solution to this situation, but we’d urge companies to consider where they can make an impact. The transformation we’ve seen in the payroll function, thanks to the evolution in AI, automation and API integration, means that businesses have more tools at their disposal to support their workforce.

“It is now entirely possible for firms to give their people more through their payroll function. That includes access to financial awareness guides and dedicated helpdesks, along with more flexibility around their paydays, thanks to dedicated apps.

“Of course, employers can’t solve every challenge, but they can ensure their staff have access to the right tools that can make a big difference. With financial struggles shown to heighten stress and impact performance at work, it’s not only the morally right thing to do, but also supports improved productivity. Equally, organisations that don’t offer support could be impacted by heightened attrition and will see collective workforce morale fall.

“However, the method and model of delivery adopted is critical, and employers must look to offer transparent solutions, with a focus on end-user experiences. This type of support boosts motivation levels and improves resilience. Consequently, we urge more companies to consider solutions such as ‘pay-on-demand’ and financial calculators, which can support their workforces with financial wellbeing.”

Source: ResponseSource

(Quotes via original reporting)

Less than half of the UK’s employees are currently offered financial wellbeing support by their employer, ResponseSource reports.

As the UK marked National Financial Awareness Day on August 14, CloudPay released a survey revealing that only 48 per cent of professionals receive financial wellbeing support from their employer. 

CloudPay reportedly called on payroll, finance and HR leaders to rethink efforts to help employees gain the skills and knowledge to effectively manage their finances, and leverage the potential of new technology and modern pay platforms.

Borja Perez - Vice President Product Management at CloudPay - said, “Employees across the globe are facing a sustained period of tough economic conditions, and with many expecting things to become more difficult, now is the time for employers to take action. There’s no easy solution to this situation, but we’d urge companies to consider where they can make an impact. The transformation we’ve seen in the payroll function, thanks to the evolution in AI, automation and API integration, means that businesses have more tools at their disposal to support their workforce.

“It is now entirely possible for firms to give their people more through their payroll function. That includes access to financial awareness guides and dedicated helpdesks, along with more flexibility around their paydays, thanks to dedicated apps.

“Of course, employers can’t solve every challenge, but they can ensure their staff have access to the right tools that can make a big difference. With financial struggles shown to heighten stress and impact performance at work, it’s not only the morally right thing to do, but also supports improved productivity. Equally, organisations that don’t offer support could be impacted by heightened attrition and will see collective workforce morale fall.

“However, the method and model of delivery adopted is critical, and employers must look to offer transparent solutions, with a focus on end-user experiences. This type of support boosts motivation levels and improves resilience. Consequently, we urge more companies to consider solutions such as ‘pay-on-demand’ and financial calculators, which can support their workforces with financial wellbeing.”

Source: ResponseSource

(Quotes via original reporting)