These **simple steps** have real impact.
Here are 5 ways you can help:
1. Ensure pay is always accurate and on time
Obvious as it may seem, late pay or underpayments can derail finances, as well as causing stress. Employees may turn to costly short-term borrowing to plug shortfalls, further worsening their situation.
2. Speed up expense claims
Paying expense claims monthly may no longer be appropriate in a time of financial hardship. In most organisations, employees must spend before they submit a claim. This ties up their cash reserves, and it could be weeks before the expenses are paid. Many companies have now adopted a weekly expenses cycle, so their people spend less time out of pocket. Find out more here.
3. Demystify payslips
Employees often struggle to understand details on their payslips, including acronyms and tax codes, as our survey of 2,000+ people found.
Nearly half (43%) of respondents said that the best financial wellbeing measure would be to help them ’read and understand their payslips more effectively':
Present information more clearly to all staff (rather than just new joiners)
Avoid acronyms
Give employees concise guidelines alongside payslips explaining how to read them and which figures are most important
Explain how to check and query tax codes
Give information on eligibility for tax exemptions and making appropriate claims
Learn more here, including 6 target areas for employee financial wellbeing programmes.
4. Offer financial education and guidance
Only 1 in 7 employees feels very confident using numbers at work. The lack of confidence often means that employees avoid engaging with their personal finances.
Higher financial literacy leads to greater financial wellbeing and reduced anxiety about money. Encourage this by signposting helpful services and ensuring employees know what benefits and discounts are available. Read more on what employers can do.
5. Harness payroll technology
Digital, self-service payslips make it quick and easy for employees to check, manage, compare, and plan their pay, month by month. Earned wage access can offer a critical financial safety net for unexpected expenses, before pay day. And the payroll platform is an ideal point of access for financial resources and tools. Find out more.
Your essential handbook for boosting financial wellbeing
In this employer's guide, you'll find:
Access the guide
