Ensuring Everyone Benefits: Improving financial wellbeing through employee benefits that work for everyone

Business in the Community’s (BITC) Ensuring Everyone Benefits: Improving financial wellbeing through employee benefits that work for everyone, published in partnership with Salary Finance, provides guidance for human resources (HR) teams to create an employee benefits package that improves the financial wellbeing of all workers.

The Ensuring Everyone Benefits: Improving financial wellbeing through employee benefits that work for everyone toolkit covers:

  • the employer’s role in supporting employees who are struggling financially
  • the business case for action
  • an overview of BITC’s Good Work for All model
  • practical steps for employers to champion culture change, offer the right benefits and remove barriers
  • examples from employers taking a different approach to employee benefits.

One in eight workers living in poverty, struggles to meet basic needs1. This is having a huge impact on businesses as employees are less engaged, less productive and more likely to be looking for other jobs. The principle of good work – employment that offers security, rights and a fair income, opportunity for progression and a supportive and inclusive environment – is key for employers wanting to address these challenges. Employee benefits can be an effective tool to improve the working lives of all employees.

36 per cent of UK workers are worried about money2. When employees are struggling financially, the impact is felt on engagement and productivity. Research from Salary Finance has found that productivity lost due to financial concerns equates to 9-13 per cent of total salary costs, and employees worried about money are 50 per cent more likely to be looking for another job3. The causes of financial concerns are complex and varied and so are the solutions, but by offering good work for all, employers can improve the financial health of their whole workforce.

About Salary Finance

Salary Finance was chosen as BITC’s Responsible Small Business of the Year 2018. They are one of UK’s fastest growing fintech (financial technology) companies focused on financial wellbeing in the workplace. Founded in 2015, its mission is to give people the freedom to lead long-term healthier and happier lives.

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References

  1. Patricia Findlay, Colin Lindsay, Amy Watson and Doug Young; (October 2018); Influencing employers so more people break free from poverty through work; Joseph Rowntree Foundation (JRF); available at https://www.jrf.org.uk
  2. Salary Finance; The Employers’ Guide to Financial Wellbeing 2019-2020; available at https://www.salaryfinance.com/uk
  3. Salary Finance; The Employers’ Guide to Financial Wellbeing 2019-2020; available at https://www.salaryfinance.com/uk