New research shows 12 million (1 in 5) people are now borrowing money to pay for food and basic utilities. As the cost of living places growing pressure on how many of us manage essential bills, employers must make proactive strides in how they support their people.
The new year often sees People teams review their benefit packages. And whilst 70% of large businesses are planning benefits enhancements for 2023, a critical focus must be placed on financial wellbeing perks that meaningfully support employees across the workforce.
Delivering ad-hoc, one-off bonuses to a privileged few is no longer feasible. HR leaders now need to adopt a long-term approach to providing accessible and inclusive financial support.
A moral and business case
With the rising cost of living, redesigning benefit offers to include effective financial tools and services is not only a moral case, but a business one.
In such an uncertain climate, employee wellbeing must be prioritised. Although many businesses face increasingly restricted budgets, making across-the-board pay rises no longer viable, this shouldn’t lead to inaction. 65% of employees expect their employer to have a financial wellbeing policy in place; re-examining benefits programmes to include financial support is, now more than ever, a crucial element of overall employee wellbeing strategies.
Plus, with 1 in 4 employees reporting financial worries to affect their job performance, this highlights the impact of poor – or non-existent – financial support on overall workforce productivity and business output. A comprehensive employee benefits offer, with a strong focus on financial wellbeing, will not only redefine the employee value proposition (EVP) but enables HR leaders to re-engage, maximise and retain their talent.
How can Rippl enable HR teams to support their people?
Rippl’s employee benefits platform offers a vast and diverse range of financial wellbeing tools and services that enable People teams to proactively support with the cost of living. Just a few include:
- Discounted vouchers to over 150 UK retailers, including up to 12% off supermarket shops and up to 5% off in leading restaurants
- Green car salary sacrifice scheme
- Access to financial support services
- Childcare vouchers
- Health cash plan
- Salary advance
- Tech purchase scheme
Rippl personalises a dedicated benefits hub to the needs of your business, integrated with a streamlined engagement, recognition and reward platform that transforms how you make your people feel valued.
We offer a free consultation with our Head of Benefits to review your current package, assess what’s working well, and identify where your business could improve its benefits experience to better financially empower your teams, wherever they are.