- Nearly four in ten (39%) workers feel ‘undervalued’
- Employees struggling with record debts, offered ‘workplace perks’ instead of pay rises
- 66% of workers prefer 3% pay rise instead of flexible working
Today is Smarter Working Day (1) (25th July) – an inaugural awareness day encouraging businesses to allow their staff to work flexibly.
With nearly four in ten (39%) current workers (2) feeling ‘undervalued’, employers must now meet new, higher expectations of what employees want in order to attract and keep top talent.
In response to these heightened expectations, new workplace perks have exploded – ranging from free lunches to work-from-home options, now on offer to many employees. However, 66% would prefer a three percent pay rise (2), instead of flexible working options.
Now SalaryFinance, a financial employee benefit provider, calls on all UK employers to offer more than just free lunches to their staff and actually begin to support their staff with financial support benefits.
- This is because Britain is in a personal debt crisis with over eight million UK residents (3) identified as ‘over-indebted’ (16% of the population) and debt topping a record £180 billion this year (4)
- This debt also impacts upon employers as indebted staff rack up £960 million in mental health costs and a staggering £2.3 billion in costs due to job loss or lost productivity (5)
- Recent graduates are also under unprecedented stresses as they are saddled with tuition fees topping out at £9,000 each year (6) while facing an incredibly competitive job market, where 160 graduates chasing every full-time position (7) and record levels of employment (8)
“Britain is currently in a personal debt crisis, which will reach a record £180 billion this year and this trend is unlikely to change in post Brexit years. While many will point the finger at government intervention, solutions have to extend beyond what the powers that be can do.”
“This is where employers can and should step in as soon as possible. Companies need to look beyond free lunches, and offer financial education and benefits which help employees to deal with their debts. Helping to safeguard their financial futures is a significant and meaningful approach to ensure they’re as happy and productive at work as they can be.”
SalaryFinance is seeking to change this situation and already works with a number of NHS trusts. The company:
- Has saved indebted Britons £1.8 million in interest on loan repayments, in less than a year since it was founded
- Consolidates a person’s debt into one single loan, with a much lower interest rate than usually available to those with existing high-interest debts (of 7.9%)
- Saved its indebted customers £900–£1,500 a year on average in interest repayments
- It is completely free for companies to roll it out to their workforce
- For every £25 it saves someone, it makes just £1 in profit