Money worries are affecting millions of workers’ mental and physical health, which, in turn, is having a negative effect on performance. These are the findings of a report published by the CIPD and Close Brothers Asset Management.
And Fleet Evolution, one of the UK’s leading providers of salary sacrifice schemes to small and medium sized businesses, has underlined the need for companies to do more to help employees where it matters – in their pockets.
The survey, which focused on a sample of 1,817 working adults, found that a quarter of those feel their daily duties at work are affected substantially because money worries are playing on their minds and affecting their health. Although this is incredibly worrying, with rising inflation halting any potential wage increases, it can be difficult for employers to find ways to help staff and get the best out of them.
Andrew Leech, Managing Director of Fleet Evolution, said, “It’s been widely reported over the last 12 months that inflation and economic uncertainty has not only affected employees, but also employers in equal measure. Although the economy is holding steady right now, the price hikes we are seeing could have a negative effect over this testing next couple of years, which will obviously trickle down to employees. It is now more important than ever for businesses to be at the top of their game to make sure they can compete, but this news is unfortunately highlighting just the opposite.
With this in mind, it is down to the employers themselves to find alternative ways to ease money worries for employees to ensure their mind is on the job in hand and they are performing to the best of their ability, in a financially-sensible way. And salary sacrifice is one of the best ways to do this.”
Salary sacrifice car schemes have become a popular benefit for employees over the last five years – and for good reason. They bring a myriad of benefits to those who undertake them, with employers not losing out in monetary terms and employees being given a new, eco-friendly and low-cost vehicle – without impacting on their income. And even after the imminent salary sacrifice changes, car schemes will continue to offer great value, with some of the greenest cars on the roads getting even cheaper – which can only be seen as good news as petrol prices continue to rise.
“The way these schemes work is incredibly simple,” added Andrew. “For the employee, income is usually not affected – and if it is, it is usually a small amount – because it is taken out of gross salary, not net. Employers also benefit as they are normally low-cost or cost-free for to introduce.”
Fleet Evolution takes a different approach to salary sacrifice schemes by working with small and medium-sized companies, and providing the personal touch to ensure each business takes the right option for the and their staff – both now and in the future.
To find out more about Fleet Evolution’s innovative approach, visit the website: www.fleetevolution.com