Penny Pinching - What You Can Do to Help
- Date: Friday 24th August 2018
- PDF: Download
Financial difficulties have in the past been quoted as one of the six primary cause for suicides. And it’s worth remembering that, in times of economic uncertainty, your employees might be affected by financial issues, but they may not necessarily want to disclose or discuss these.
Clearly, as an employer, your responsibilities in this area are limited, as long as you pay at least the statutory wage.
More holistically though, you might benefit from supporting your employees by considering the following:
- Happy staff are more engaged and productive.
- Financial issues often lead to employees seeking better paid employment elsewhere.
- Good mental health states benefit both colleagues and employers.
What can you do?
- Put “Top Tips to Save Cash” on your staff noticeboard.
- Implement a voucher exchange box. Staff can add discount vouchers they don’t use and exchange them for something more suitable.
- Give options of pension providers / consider offering financial guidance through an independent broker.
- Get in touch with local health centres, etc to arrange staff discounts.
- Incentivise good performance and innovation by offering suggestion schemes.
- Consider a Christmas bonus, instead of a lavish outing. People might be happier with a BYO party, rather than a big meal out.
- Some employers run a ‘Christmas Club’. A fixed amount of money is taken out of the employee’s net earnings and automatically transferred into a separate account. At Christmas time, this pot pays for the festivities. Don’t forget to get further advice from your accountants on this and also make sure the rules of the scheme are agreed and signed by the employee.
Source: Manuela Grossmann, SSG