1 in 3 employees runs out of money before payday, with as much as 80% of their earned income being spent within the first week of receiving it, on expenses such as rent, mortgage, bills and insurance.
In an era of economic uncertainty, more and more employees face financial difficulties. The net result is that many hardworking professionals are battling to pay bills and rent, which can seriously affect mental health and overall productivity.
In recent years, this has fed into the hands of payday loan providers charging extortionate interest rates and placing further financial strain on those most in need. Spotting the signs of financial stress is important — you can then act to assist your colleagues.
Some of the signs are:
• Agitation / Irritability.
• Drop in productivity.
• Difficulty in concentrating.
• Anxiety and/or depression.
Being able to offer employee earned income before the end of the month can be a lifeline to many, so when those unexpected expenses hit, then employees aren’t looking for pay day loans, or borrowing from friends and family.
iCOM have introduced financial wellbeing products to a number of national clients as part of their overall employee benefits package and the results speak for themselves. HR departments are reporting better staff retention rates, more engaged employees and a reduction in the number of days missed due to illness. This means happier staff with less concerns over how they are going to make ends meet every month.
“We work hard on encouraging employee wellbeing and creating a culture driven by happier, healthier and safer staff. We see financial wellbeing as a key pillar within our mental health programme” CEO – Utility Company.
The products incorporate value added features surrounding education relating to paying off debt, managing finances on a monthly basis, and savings advice.
Products and services available:
• Debt Management.
• Advance Salary.
• Financial Education.