As an employer, it’s important that you find ways to encourage positive lifestyle choices for your team as their happiness and positivity serves to benefit your business in the long run. For example, one of the biggest sources of stress and concern among the population is financial worries as many people struggle to meet their monthly expenses. To help your team better prepare for their futures, and to also help them save more for the short term, negating these monthly stresses, there are some things you can do as an employer. Here our some of our best tips for you to help your team save more money.

Financial Wellness Education
The most important way in which you can encourage your team to save money and avoid those unfortunate moments of financial hardship is to educate them and help to improve their financial literacy. We can all benefit from added knowledge and expertise from money saving experts and creating a class or education program about finances and promoting a healthy financial wellbeing among your employees is a great way to provide clarity and reduce stress regarding this topic.

Offer Salary Sacrifice Schemes
Sometimes it’s important to provide your team with ways to save money without it being overtly obvious. At the end of the day, most people would prefer to spend their money and buy things they need or want when their paycheck comes in. In this case, offering things like a salary sacrifice car scheme for example, like that from Pink Salary Exchange is a great way to allow your employees to pay for a quality, new or used car but with an added benefit that can help them save. With a scheme like this, it takes the deduction from the employee’s gross salary as opposed to their net salary, which means that they will end up paying less tax and national insurance on their paycheck, and also makes their pension contributions much more effective.

Perk And Discount Services
There are lots of services out there that offer your team a wide range of discounts once you’ve signed up to their scheme. Discounts on regular purchases such as groceries, takeaways, and nights out can help people save a significant amount of money over time. Consider signing up for one of these services and presenting your team with a wide selection of perks, discounts and benefits that they can use to improve their savings, as well as the added bonus of feeling more motivated at work.

Payroll Deduction Saving Scheme
Putting our own money aside in savings can be a real challenge, especially when we have direct access to those savings accounts and if we’re easily tempted by materialistic things. Instead, consider offering your employees a payroll deduction saving scheme, whereby money is automatically added to a savings account taken directly from that employee’s pay each month. Your team will be able to set the amount they want to save each month, and simply forget about the process making the whole act of saving money effortless. There are also other variations to these schemes too, like the ability to help employees pay of their debts and loans via their wages so that they don’t risk forgetting a payment, for example.

 

 

By Lisa Baker, Senior Editor

Senior Editor Lisa Baker is the owner of Need to See it Publishing Group, providing contract news for business and news sites across the UK. Lisa is an experienced HR writer and commentator, editing HR publications for more than 5 years.