From reorganising rotas to making their premises ‘Covid Secure’, businesses are doing everything they can to get their staff safely back to work. While keeping their people risk-free, they also need to look out for their financial wellbeing. The challenge now is, how can business leaders do this and set the stage for a more secure future?
There’s hope that the Government’s latest, recovery-boosting programme will create new opportunities, and help retrain those who have become unemployed. Interest rates have also been set at a record low to increase consumer confidence and encourage spending.
But despite some tentative optimism that the worst might be over, the Bank of England is predicting that the economy could contract by 14% this year. So, the reality for nearly 12 million people will continue to be one of financial insecurity, reduced pay or redundancy. Household finances are also under strain like never before, with as many as six in ten families claiming Universal Credit as they struggle to meet the rent, mortgage and other household expenses.
The end of furlough
And that’s not all. When coronavirus hit, the British Government stepped up, keeping millions of enterprises and furloughed staff financially afloat throughout the crisis. When the scheme ends in October 2020, the stress and financial uncertainty that will follow has highlighted just how inflexible the traditional end-of-month pay cycle is. How can businesses sidestep the outdated payroll system – and empower their workers with liquidity throughout the month?
Financial wellbeing calls for fast, flexible access to wages
Putting the financial health and happiness of workers at the heart of any business productivity strategy is the first step. And innovative fintech firms such as Hastee, which offer earnings on demand, do all the hard work for you. During the quarantine period, we saw a 32% increase in activity to purchase essentials, with 60% using the app for bills, 57% for food, but only 20% on travel to work. By downloading the Hastee app, people can take out a portion of their earned pay as and when they need it – and no longer have to resort to payday loans, overdrafts and high-cost credit to get by. The Hastee card also rolls out later this summer and will give workers even more flexibility and spending power.
Above all, by offering people access to this easy to implement staff benefit, they’ll be better able to manage their finances. So, rather than wasting time and effort worrying about bills or buying train tickets, employees can channel their energy into their work – and give businesses all over the country the boost they need to recover and grow.