Budget-friendly benefit programs to support employees with financial challenges

'The cost of living crisis has deeply impacted financial stress for employees'

Budget-friendly benefit programs to support employees with financial challenges

Around three in five employees agree that the stress from the cost-of-living increases is negatively impacting work, according to a recent survey by Reward Gateway.

 And the rise of inflation will likely affect company budgets, meaning business leaders will have to find new and creative ways to support their employees.

“The cost of living crisis has deeply impacted financial stress for employees, impacting their productivity, engagement, and their physical and mental health,” Reward Gateway said in a recent report. “While the easy solution could be to give employees a pay rise to help with their new burdens, it’s a costly endeavour for the organisation, especially ones that need to save every dollar to ensure its business continuity and growth.”

One of the areas where employers can help their workers is through their benefit and wellbeing programs.

Implementing a meaningful benefit can be a powerful tool. It can give employers a competitive edge in their overall retention and attraction strategy; reduce the impact of below-expectation pay reviews; and put savings and disposable income back into employee wallets.

Budget-friendly benefit programs

Reward Gateway’s report How to support employees in a difficult economic climate outlines benefit programs and initiatives employers can implement to support their workers amid increasing cost of living pressures. One of idea the report suggested was having budget-friendly wellbeing initiatives.

Seventy-nine per cent of employees considered it important that their employer offers financial wellbeing resources and tools, the report said, with the number increasing when it came to mental wellbeing (84%) and physical wellbeing (80%).

The right wellbeing program can reduce absenteeism, decrease overall business costs and help build a healthier, more engaged workforce, the report said. And it offered suggestions on budget-friendly wellbeing initiatives such as:

  • Providing access to on-demand videos and articles that support employee wellbeing
  • Introduce employee benefits programs to help employees save on everyday items like groceries and petrol
  • Provide a free employee assistance program (EAP)

To find out more about providing meaningful benefits for employees, check out the report: How to support employees in a difficult economic climate.

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