Why is this happening?
People look to financial services as a source of guidance during financial uncertainty, creating a demand from the industry for educational and directional tools.
Financial Services are no exception to the economic struggles and the need to reduce overhead, causing companies to make redundancies to meet expectations.
A combination of increased demand for the industry, and the reduction in overhead, means existing staff face increased pressure and demand from their jobs, usually with no additional compensation.
Employees are consequently seeking individual support in managing their money, despite the financial services' reputation of providing higher-paid jobs; the downturns are affecting people of all pay scales.
How can Financial Services support their employees?
Office Perks
Over 75% of Financial Services employees want to spend at least a couple of days in the office a week. It's a highly valuable investment to ease the financial strain on employees while they are in the office, such as through discounted lunches, free tea and coffee, and cycle to work schemes to reduce stress and focus on productivity.
One-off bonuses
Annual review bonuses are down by 50% in the Financial Services industry. Many companies are opting instead to offer a smaller one-off bonus to allow employees to prioritise their biggest concerns, such as a Cost of Living bonus. Even just a few hundred pounds can make a huge difference to those struggling.
Financial Wellbeing Providers
Offering a range of different options to suit each individual's needs ensures that no matter where the employee is on their financial wellbeing journey, that they have the support they need. Salary Finance offers loans, advances, savings and an education platform. Being free to the employer, this is an easy way to offer support.
