Today, businesses understand the importance of financial wellbeing as an essential component of their HR strategies. Employees who are preoccupied with money worries are more likely to experience stress and anxiety, which impacts their ability to give full attention to their job responsibilities.
But, do companies know what their employees want when it comes to financial support and wellbeing?
Understanding financial wellbeing
To fully really if you’re doing enough for your employees, you must first understand what financial wellbeing means. It can be described as:
When money is tight, it can make people feel helpless and put them under tremendous pressure. This has a detrimental effect both mentally and in terms of the final output.
Financial support through employee benefits
There are multiple benefits that can provide financial support. Gym and retailer discounts, cashback on dental and optical treatment, subsidised food and beverages, private healthcare and employee car schemes can all be categorised as ways to help save money.
Businesses can offer discounts as part of their benefits package and can negotiate preferential rates, which will likely be more competitive than a rate obtainable by an individual.
By providing an attractive employee value proposition will also have business benefits, as a strong package with help you to recruit and retain top talent.
Offer low-cost motoring to support financial wellbeing
Our employee car benefits allows you to provide low-cost motoring to your employees and can be structured at no cost to your business. Offering a car benefit can allow you to increase your employee’s take home pay, without incurring tax and National Insurance costs.
There are options when it comes to car benefits. How they are structured can change based on the employee audience, be it car-entitled or all staff – or the cars you want to provide, such as Electric Vehicles (EVs) for a greener fleet. We consider and analyse all options for you, so all you have to do is enjoy the benefits your scheme gives you.