Financial well-being
A hot topic of conversation within the industry is whether payroll is well placed to assist with the financial well-being of employees.
When asked what organisations / clients are doing to help employees through the cost-of-living crisis, 59.48% of respondents are enabling more hybrid / remote working, which allows employees to save on commuting costs. From the respondents who selected ‘Other’, some of the reasons they gave were: ● loans ● pay on demand / earned wage access ● lunches ● reviewing benefits offered to employees ● employee assistance programme.
The CIPP included this question in the 2023 survey to comprehend what respondents’ thoughts were.
We can see it is a fairly equal split between yes, no and unsure.
WHAT IS YOUR ORGANISATION DOING TO HELP EMPLOYEES THROUGH THE CURRENT ECONOMIC TURBULENCE?
59%
36%
36%
Signposting to advice resources (e.g., MoneyHelper)
Allowing more hybrid / remote working
Allowing employees to work in the office
34% Unsure
40% Yes
32%
30%
Nothing 18%
Offering salary sacrifice schemes
Providing one-off bonuses
27% No
18%
6%
1%
Providing inflationary or above rate salary increases
Other (please specify)
Paying household bills
28
Percentages have been rounded to the nearest whole number for clarity and in some instances may not total 100%
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