Why Your Company Should Offer Employees Financial Wellbeing Tools
In today's fast-paced corporate environment, employee satisfaction and retention are pivotal for business success. One innovative way to support your workforce is by including access to financial wellbeing tools in their benefits package. These tools provide a range of benefits that can significantly boost your employees' financial health and overall productivity.
Key Benefits of Financial Wellbeing Tools
On-Demand Pay
Empower Your Employees with Financial Flexibility
On-Demand Pay, also referred to as Earned Wage Access, allows employees to access their earned wages before the traditional payday. This feature can reduce financial stress by providing immediate access to funds to cover any unexpected expenses or emergencies. By offering this flexibility, companies can enhance employee satisfaction and reduce turnover rates. Read more about On-Demand Pay here.
Payroll Savings
Encourage Regular Savings with Ease
Payroll Savings programmes enable employees to allocate a portion of their salary directly into a savings account. This automation simplifies the savings process, encouraging employees to build a financial cushion effortlessly. Enhanced and regular savings habits can lead to increased financial security and reduced stress, ultimately resulting in a more focused and productive workforce. Read more about Payroll Savings here.
Budgeting Tools
Promote Financial Literacy and Stability
Budgeting tools within financial wellbeing apps help employees manage their money more effectively. By tracking income and expenses, these tools provide personalised financial insights, empowering employees to make informed financial decisions. Improved budgeting skills can lead to better financial stability, reducing distractions and enhancing workplace performance.
AI Personal Financial Guidance
Tailored Financial Guidence at Your Fingertips
Access to personal financial guidance offers employees bespoke guidence based on their unique financial situations. This feature can help answer employees questions relating directly to their personal finances. Whether they want to know what their tax code means, or pension plans, the AI helper can answer their specific questions. It is powered by official UK government information and guidance, and so will always give accurate UK specific answers.
Level
Level offers employees much more than just On-Demand Pay, it is a holistic financial wellbeing app specifically designed to help your employees borrow less and save more. All four financial tools are included in the app, and are available to your employees.
Conclusion
Integrating financial wellbeing apps into your company's benefits package is an investment in your employees' future and your company's success. These tools all contribute to improved financial health and enhanced job satisfaction.
By supporting your employees' financial wellbeing, you can create a more engaged, loyal, and productive workforce. Get started today by talking to one of our specialists, and learn how Level can help improve your workforce’s financial wellbeing.