How some astute financial moves can soften the coronavirus impact for employees
The effects of coronavirus are going to be far-reaching, extending beyond immediate health concerns to disrupt the very fabric of our lives. Much has been made of the damage to businesses, but on a personal level new financial pressures can put a serious strain on our mental wellbeing. In its latest white paper, employee benefits and financial wellbeing consultancy Lemonade Reward, maps out a path for employees to secure their financial futures, and a plan for HR executives to get it past the boardroom.
Even before the outbreak of the pandemic, CIPD’s Health and Wellbeing at Work report (2018) found that 78% of employees said financial concerns contributed to their stress levels. This problem is now amplified, as many are facing pay cuts and job uncertainty, with no light in sight. And the worry doesn’t stop there, as future incomes are dependant on whether companies can weather the storm. Lemonade Reward has found that events like this only further highlight the need for employers to start taking financial wellbeing in the workplace seriously.
David Pugh, managing partner says: “It is in these difficult times, that we really appreciate our financial security and any savings we have built up.
“Some people are not lucky enough to have built up a rainy-day fund, but it doesn’t have to be this way. There are lots of tools, tricks and strategies to make your money last to the end of the month, and hopefully build a safety net along the way.
“We understand it’s hard for some HR executives to put together a business case for their company to spend on financial wellbeing, and this is why we have created our latest white paper. Our aim is for everyone to have access to a good financial education, so in times like these employees can feel prepared and have less worry,” he comments.
The white paper, titled Getting to the heart (and the money) of employee wellbeing looks to address the deafening calls for financial wellbeing at work. It provides a breakthrough, easy-to-follow, step-by-step guide outlining a solid business case that stakeholders will find hard to ignore – it won’t be just employees who benefit.
This sponsored article is provided by Lemonade Reward.
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