3 Ways to help your employees to feel financially supported

If you ask your employees to list their workplace priorities in order of importance, you’re fairly likely to get something that looks similar to this:

1. Competitive salary
2. Work/life balance
3. Career progression
4. Reward and benefits
5. Great colleagues
6. Hybrid working
7. Good leadership

Items 1 and 2 might be interchangeable according to individual motivations, and there also might be additional factors that come into play. But by and large, being paid is why we go to work each day, so being unfairly compensated can create resentment and burnout…and ultimately speed up the rate of churn.

The need to support employees runs much deeper than quick-fix solutions like Friday pizza and ping-pong. Yet many companies are simply not in a position to offer increases and bonuses. So, how can businesses align with their employees’ key priorities and make the workplace one where they feel financially supported?

1. Financial education

The first step is knowledge. Do employees understand their pay and payslips? Do they know what tax refunds they’re eligible for? Plus, there are things like tax code changes, NI changes - anything that could influence their take-home pay. It’s crucial for employees to understand how to maximise their net pay and take home more each month without necessarily getting a pay increase. For example, PayDashboard’s Government Benefits Eligibility Calculator is a tool within the payslip app that enables employees to check their eligibility for unclaimed benefits and discounts... with the potential to save thousands each year.

2. Financial resilience

Secondly, it’s all about building financial resilience. Credit scores are a great example. Without good credit, employees will have little to no chance of securing loans or credit cards. In fact, Experian data shows us that a lack of credit history can even affect a consumer's ability to get broadband! So it's vital for employees to keep track of their score, and what influences it to go up or down. Reward statements are another great example. An accessible and visual representation of total rewards goes a long way in helping employees to gain a true understanding of the long-term financial benefits of these schemes. And there's no better way to achieve this by presenting reward statements alongside pay. PayDashboard’s payslip includes Experian credit scores and total rewards statements within the payslip app, to enable employees to manage their entire financial livelihoods from a single mobile interface.

3. Easier loans access

It’s safe to say that in the current economic climate, your employees need every advantage at their disposal to secure a mortgage, rent a property or apply for credit. Prohibitive legacy processes have no place in a fast-paced digital economy, where the exchange of data and decisions based on that data are made within seconds. PayDashboard’s mobile app enables users to verify their income and employment directly from the payslip, helping these transactions to take seconds rather than days or weeks.

It’s incredible to think of the evolution of the payslip and the role that it now plays in the financial livelihoods of individuals across the UK. Once a simple, legal obligation and representation of earnings, the payslip has evolved to become the hub of employee financial wellbeing and engagement.

Are you looking to amplify your employee wellbeing initiatives with something that has real impact on employee take-home pay, and helps them to gain greater access to fairer finance?

If so, we’d love to have a chat. You can call us with your questions, or let us take you on a tour of the platform’s many great employee features.