Helping employees with financial worries

37% of employees have cited financial pressure as the top cause of stress outside work, according to a study. In turn, 1 in 5 employees state that money worries have impacted their ability to do their job

With rising energy and food prices, mortgage rates and monthly rental increases, empty forecourts and supermarkets, it’s not surprising that employees rate financial worries as their second highest reason for becoming burnt out.

Of course, money isn’t everything, but when you’re in a situation where all your costs are rising and your income isn’t keeping up, you may have to look elsewhere for a better package.

The Chartered Institute of Personnel and Development (CIPD) research shows that some organisations are trying to reduce the cost-of living impact on their teams, reporting that

• 38% of firms have increased wages to help them with rising prices.
• 29% have introduced more flexible working to help alleviate commuting costs
• 23% have encouraged employees to access company benefits packages

Comprehensive employee benefits packages can play a crucial role in reducing financial worries among employees. By including good discounts and offers on food shops, clothes, car maintenance etc, employers can help to enhance the financial well-being of their workforce.

Saving time and helping with research to reduce household bills, shopping around for the best prices can also make a significant difference. Additionally, regular communication and education about the available benefits can ensure that employees are aware of and make the most of these opportunities.

The Manchester Foundation Trust (MFT) is one of the UK’s largest acute Trusts employing more than 25,000 people across 12 hospitals.  By choosing Circles by Sodexo as their Wellbeing Partner, the Trust ensure that staff have access to digital assistance 24 hours a day, 7 days a week. An expert is always just a phone call away, no matter how big or small the issue, and this saves on average over 10,000 hours a month across MFT – in research, planning, contacting, booking. Staff free time is no longer spent scouring for the best deals, as Circles by Sodexo provides this service. This directly impacts employee well-being, and reduces stress – allowing employees to bring their best selves to the workplace.

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