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28 Feb 2024

Easy-win solutions to support employees with their financial wellbeing

Zest list its recommended providers and the best ways to improve employee financial health

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While the Covid-19 pandemic may seem like a distant memory, there have been major shifts in both the world of work and the UK job market. Zest’s research has found that employers are putting more resources into their employee benefits in an attempt to stay ahead of competitors.

Almost half (48%) of businesses surveyed have increased investment in their benefits package in the last 12 months in response to the challenging economic client – with large companies (51%) more likely to do so than the smaller ones (40%). When it comes to employees, two in five (42%) say that a benefits package is the most important consideration when seeking a new role.

To stand out from the crowd you have to provide employees with the best employee financial wellbeing benefits.

Below we advise on our top financial wellbeing providers and solutions that can help secure your employees a healthier financial future.

Zest’s top financial wellbeing providers

1. Maji
Providing a holistic solution to financial wellbeing for employees, Maji offer a bespoke portal that’s able to assess an employees current financial state, monitoring and reporting on their progress to help implement changes.

It offers unlimited 1-2-1 sessions with financial coaches, plus open banking integration that can assess spending trends and link them to your benefits scheme. Ultimately, this will help highlight potential savings.

2. Hastee
Give your employees the option to access part of their earned pay when they need it. An on-demand service, Hastee financially empowers your staff, helping to differentiate your company as a fairer, more forward-thinking employer.

It also delivers a wide array of financial education and management tools to help money go that little bit further, and rewards and cashback from well-known high street stores.

3. Octopus Money
Help your employees take the first step towards making their life dreams a reality with Octopus Money.
Octopus Money can help employees connect the dots between the life they want to live and the choices they make with their money.

It provides 1-2-1 financial coaching covering support on pensions, benefits, mortgages, budgeting and will-writing to name just a few services. These are tracked to a retirement dashboard. They make it easier, cheaper and more enjoyable to get money advice from a real person and not just a robot.

Zest’s top financial wellbeing solutions

1. Salary sacrifice
Salary sacrifice is an agreement to reduce your salary, often in exchange for the employer purchasing a benefit. This means the employee has a lower gross salary on which to pay tax and National Insurance, often treated as a negative payment on a payslip.

With this agreement, the benefit is not subject to income tax or NI via payroll but must be reported to HMRC as a benefit-in-kind.

2. Pensions

Could you live off £203.85 per week? £10,600 a year? With inflation recently soaring to new highs, the maximum new state payment pension for those that reach 66 is arguably not enough to get by.

To help employees plan for tomorrow, today, it’s imperative that you educate them on your company pension scheme. Zest‘s benefit expert has detailed how much employees should be saving in their workplace pension to ensure a comfortable retirement.

Make the most of a leap year. With an extra day this February, there’s no excuse to not prioritise your financial package.

Want to know how Zest Marketplace can benefit your colleagues? Get in touch with our dedicated team today.

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