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20 September 2022

Costs are rising at the fastest rate seen for decades, which now means that people are struggling to survive from one pay cheque to the other. Many people like to have a buffer of cash behind them that they can fall back on, but the current cost-of-living crisis has meant that people are now having to use their savings and cash reserves.

What is the Current Situation?

It has been found that a third of workers in the UK are now losing control of their finances as they rely on living on one paycheck after the others without having spare money to protect them from the cost of emergencies.

In addition to this, it has also been found that just over a quarter of workers are also struggling financially, providing a real insight into the current financial situation in the UK. The last two years have been challenging for everyone, and the pandemic almost made us lose grasp of our familiar current situations as we had to forfeit things such as holidays and other expenditures that formed part of everyday life. However, just over a third of people could not cover the cost of their mortgage or utility bills, while 29% of people had to take advantage of a salary advance with 33% now saying that they now believe they will have to work longer before they can retire.

This is a precarious situation as it is recommended that people aim to have anything from three to six months worth of savings behind them to cover the cost of emergencies such as the replacement of a boiler or to cover the cost of being out of work but currently, this is becoming a difficult situation to manage for many.

The Impact

There is a significant impact of this situation on people because it causes self-destructive behaviours whereby people are smoking more, eating poorly and are drinking too much while just under a fifth are abusing substances. Along with this, two-thirds are suffering from depression and anxiety.

This has resulted in calls for employers to provide more support as tools are available to help struggling employees. The tools could help with financial planning and budgeting, but over half of those who have received support have said that the tools and resources positively impacted their situation. Furthermore, 42% also said financial apps and tools should be included in employee benefits.

This means that employees should be aware of what is available through clearer communication. However, not all employers are aware of the available salary sacrifice and benefits packages. Therefore, education is important as well as simple access. This will ensure that employees can benefit from various packages and initiatives that could help ease their situation and give them some breathing space regarding their finances.

How we can help

At Corinthian Benefits, we work with a wide range of businesses – delivering the best pension and benefit package for your business and your employees. We’re passionate about providing the best possible service to every one of our clients and their teams. Our members have access to various tools, including our budget calculator and can also access the benefits of salary exchange to save money. Also, in terms of perks, we can offer a discounted shopping portal, and cash plans have many tangible benefits, including help towards dental and optical and even money towards prescriptions.

Let’s talk

We offer a no-obligation call with a member of our friendly, experienced and supportive team. We are here to make your life easier by providing the best possible service – pure and simple. Visit our website or drop us an email at [email protected] so we can discuss how we can support you and your employees.

5 September 2022

Since the Covid-19 pandemic hit the world in 2020, the workplace has changed beyond anything we ever expected. It proved that many workplaces can change and it proved that people can be just as productive from home or from another location. While the idea of working from home might have appealed to many, the reality is that it has brought with it a range of problems, such as people feeling isolated and lonely.

One survey has suggested that as much as 66% of people are now experiencing loneliness, and many think their employer is responsible for doing more.

The effects of loneliness can have an impact on both the mental and physical health of individuals while they can be long-lasting. This can also hamper productivity as staff take more sick days and become disengaged from the workplace. So, what solutions are in place to deal with loneliness in the workplace?

Showing an Interest

This is a simple approach but is one that many managers miss out on. By getting to know your team members and asking them about their personal lives, interests and passions, you can connect with them on a deeper level. This will help them to open up and will make them feel included and to have a sense of belonging.

Pay Attention to the Finer Details

It can be too easy to dismiss small details, but when you pay attention to them, the impact they can have can be huge. Whether it’s a birthday, the name of their child or even what their preference is when it comes to hot drinks, it can all matter. These small gestures go a long way to showing that you care about them and are more than just employees or colleagues.

Create Opportunities for Connection

If people believe you are not approachable, they will not make contact with you. However, if you make yourself approachable by giving them the impression that you are pleased and happy to hear from them, they will feel more confident. If you cannot take that zoom call, let them know and then state that you will call them back…and make sure you remember to make the call! One option we have used at Corinthian is to host coffee chats every now and then, either online or in person, and ask colleagues to talk to someone perhaps they wouldn’t normally talk to.

Deal With Tiredness and Exhaustion

This is a significant problem that can really impact employees, so it makes sense to do everything possible to recognise the problem. Maybe someone has been working long hours and not taking the required breaks, so you should make them aware that they should take care of themselves. Ensure that you praise them for finding that balance and also take a look at their workload to see what can be done to help them.

Assisting employees

Many employers can now offer benefits that focus on health and well-being for their employees. Some options involve free access to wellbeing apps, yoga programmes, mindfulness music, and stories. Headspace and Calm apps are popular choices, and some Private Medical Providers have these incorporated. Having a range of benefits and perks in place that really focuses on the well-being of your employees can really connect them to your organisation and improve their sense of belonging.

Let’s talk

Whether you create small changes or simple recognition, these actions can help alleviate the impact of loneliness in the workplace. When you do this, you will find that your workforce becomes happier, more content and more productive. At Corinthian Benefits we focus on creating happier employees that feel more connected and engaged to their employers through their pensions, benefits and general wellbeing.

We offer a no-obligation call with a member of our friendly, experienced and supportive team. We are here to make your life easier by providing the best possible service – pure and simple.

Visit our website or drop us an email at [email protected] so we can discuss how we can support you and your employees.