Action-plan

Unlocking abundance: Action-plan for employers to flip the scarcity mindset

21 Jul 2024

3 min read

With the ongoing Cost of Living Crisis, workers across the UK, particularly those on low-incomes, have found it difficult to keep up with increasing expenses; and fears of financial scarcity have consequently been on the rise amongst workforces.

Financial wellbeing benefits are playing an increasingly important role in supporting employees with all aspects of budgeting, saving, and education, but they can equally support in flipping the scarcity mindset.

Here is an action-plan for employers on how your financial wellbeing benefits can reframe the scarcity mindset into one of abundance.

Initiative	Action
Pay	Pay is foundational to employee wellbeing - and will always be the most-valued workplace benefit. Where possible, regular/reliable increases to pay can provide greater budgeting flexibility and boost motivation.
Tracking & visibility	Tools to help provide shift-tracking and visibility over pay can be effective for managing a scarcity mindset. They can help drive positive decisions around budgeting, and motivate towards taking up extra shifts.
Flexible Pay	Flexible access to pay is an effective benefit to support employees in mitigating a scarcity mindset. Bills and expenses are not regular in timing or amount - being able to manage these expenses as and when required helps alleviate fears of financial scarcity.
Savings	Savings are paramount to financial wellbeing, but regular saving can be difficult for those on low-incomes. Accessible or automated savings options, including opt-out options, can make building a buffer manageable and support long-term financial health.
Budgeting	There are several benefits that can support employees with their budgets. Offering vouchers, discounts, insurance, or access to a rewards platform can all help to create space in a tight budget.
State support	Many workers are not aware that they may be entitled to government support, or may not know how to find out. There are many providers that offer simple calculators to access this information - which could provide workers with valuable extra income.
Communications	Providing a holistic set of financial benefits is the first step in supporting employee wellbeing - the next step is communicating them. Take advantage of all internal channels, utilise awareness days, and nominate champions to encourage uptake.

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Action-plan

Unlocking abundance: Action-plan for employers to flip the scarcity mindset

21 Jul 2024

3 min read

With the ongoing Cost of Living Crisis, workers across the UK, particularly those on low-incomes, have found it difficult to keep up with increasing expenses; and fears of financial scarcity have consequently been on the rise amongst workforces.

Key takeaways

73%

Financially-stressed workers are more likely to move to an employer who cares about their financial wellbeing

62%

Employers do not have a well-articulated financial wellbeing strategy

Adoption

of benefits is a useful measure for how staff are feeling and what they need most from their employer

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