Key Takeaways:
- 46% of UK employees are seeking advice on financial wellbeing amid rising living costs.
- Employee benefits apps like Engage offer crucial support with financial, mental, and physical wellbeing.
- Utilizing Employee Assistance Programs for additional support can boost recruitment, retention, and overall employee satisfaction.
The Surging Demand for Financial Wellbeing Support
The latest user data analysis of the Engage rewards and benefits app, managed by HIVE360, paints a concerning picture of the UK’s workforce. In the last two months alone, nearly half (46%) of the workers have turned to the app for support and advice on managing their personal finances and debts. This number marks a steep rise from 29% in July, signaling an escalating need for financial wellbeing assistance.
Deepening Financial Stress among Employees
HIVE360’s Customer Experience Manager, Claire Lidgbird, highlights the gravity of the situation: “Worry and stress over personal finances has a detrimental effect on mental health and wellbeing.” Citing recent research by the CIPD, she notes that a significant majority of UK residents report a negative impact on their mental health due to cost of living changes. These financial stresses are not only affecting personal lives but also seeping into workplace productivity and concentration.
Engage App: A Beacon of Support in Troubled Times
Engage’s Wellbeing Centre is more than just an app; it’s a lifeline for employees grappling with financial difficulties. It not only provides vital information on managing finances but also offers access to over 780 discounts on essential items. User data reveals a surge in discount usage at major supermarkets like Asda, Sainsbury’s, and Tesco, underscoring the struggle to cope with soaring food prices and overall living costs.
The Positive Impact of Discount Benefits
“The role of discount benefits in easing financial burdens cannot be overstated,” says Claire. She stresses that savings on daily expenses such as groceries and transportation can significantly alleviate financial pressures. With the price of food items like milk, cheese, and eggs showing the first monthly fall in two years, there’s a glimmer of hope amidst general price hikes, especially with petrol prices rising sharply.
A Holistic Approach to Employee Wellbeing
HIVE360 goes beyond mere financial advice, encouraging employers to utilize their Employee Assistance Programs (EAPs) for a more comprehensive approach to employee wellbeing. This includes access to resources for mental and physical health, alongside financial guidance. Claire adds, “Combining these benefits is not only great for recruitment and retention but fosters a happier, more productive workforce.”
The Empowerment of Technology in Employee Engagement
Engage, which can be fully branded for clients, is supported by a dedicated team ensuring high user engagement. Available in 120 languages, it covers a range of features from My Training to My Discounts, addressing various aspects of employee life.
HIVE360’s Pioneering Role in Employee Engagement
HIVE360’s innovative engagement solutions and outsourced payroll services reflect their commitment to easing employers’ administrative burdens and enhancing employee wellbeing. Their bespoke solutions create a unique bridge between employers and their workforce, setting new standards in employer-employee relations.
Conclusion: Fostering a Culture of Support and Wellbeing
The data from Engage and insights from HIVE360 demonstrate the growing need for employers to pay attention to their employees’ financial, mental, and physical wellbeing. In an age where employee satisfaction is paramount to success, platforms like Engage and the comprehensive services offered by HIVE360 are not just beneficial but essential in creating a positive, productive, and supportive work environment.
About HIVE360:
Established as a leader in compliant PAYE payroll support and comprehensive employment administration, HIVE360 is dedicated to streamlining business operations and boosting the bottom line for its clients. Their advanced engagement platform and app offer a multitude of benefits, ensuring effective communication and support for healthcare, training, and lifestyle, tailored to individual business needs.
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