National Financial Awareness Day: Less than half of UK employees are offered financial wellbeing support by their employer
National Financial Awareness Day: Less than half of UK employees are offered financial wellbeing support by their employer
Financial awareness must start with finance, HR and payroll functions
With nearly one in two adults expecting their financial situation to worsen this year, new research from specialist global payroll provider, CloudPay, has revealed that less than half of UK employees are offered financial wellbeing support by their employer.
As the UK marks National Financial Awareness Day on August 14, a survey by the leading payroll and payments specialist revealed that only 48% of professionals receive financial wellbeing support from their employer. CloudPay has called on payroll, finance and HR leaders to rethink how they equip employees with the skills and knowledge to effectively manage their finances, and leverage the potential of new technology and modern pay platforms which can help empower staff to take greater control of their finances.
Borja Perez, Vice President Product Management at CloudPay, explained.
“Employees across the globe are facing a sustained period of tough economic conditions, and with many expecting things to become more difficult, now is the time for employers to take action. There’s no easy solution to this situation, but we’d urge companies to consider where they can make an impact. The transformation we’ve seen in the payroll function thanks to the evolution in AI, automation and API integration means that businesses have more tools at their disposal to support their workforce.”
“It is now entirely possible for firms to give their people more through their payroll function. That includes access to financial awareness guides and dedicated helpdesks, along with more flexibility around their paydays, thanks to dedicated apps.”
“Of course, employers can’t solve every challenge, but they can ensure their staff have access to the right tools that can make a big difference. With financial struggles shown to heighten stress and impact performance at work, it’s not only the morally right thing to do, but also supports improved productivity. Equally, organisations that don’t offer support could be impacted be heightened attrition and will see collective workforce morale fall.”
“However, the method and model of delivery adopted is critical, and employers must look to offer transparent solutions, with a focus on end user experiences. This type of support boosts motivation levels and improves resilience. Consequently, we urge more companies to consider solutions such as ‘pay-on-demand’ and financial calculators which can support their workforces with financial wellbeing.”
About CloudPay
CloudPay leads the way in global pay innovation, delivering industry-leading solutions spanning payroll, payments and on-demand pay.
With a proud heritage of 25+ years, we serve over 2,000 companies globally in 130+ countries handling $24bn+ of payments in 110+ currencies. Our unified, end-to-end pay solutions enable payroll teams to pay their global workforce with outstanding accuracy and minimal risk, more efficiently than ever before.
We use advanced technology to offer seamless API integrations, powerful automations, and AI-driven insights with real-time analytics — all designed to empower businesses with enhanced decision-making and better, faster processes.
Our unparalleled managed service is tailored to each client with dedicated personalised support and guidance, while our in-country knowledge and global regulatory expertise unlock unparalleled expansion opportunities for businesses to grow and thrive, compliantly and efficiently.
Working with CloudPay means gaining a strategic partner that harnesses the latest technology to drive growth and optimise the payroll and pay experience.
Together, that’s High-Performance Payroll, from CloudPay.
Press contact
Bruce Callander
Bruce@bluesky-pr.com
01582 790700
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