Personal Group has announced a new partnership with Neyber and SalaryFinance paving the way for its clients to offer their employees access to financial wellbeing solutions including loans direct from salary, on-site financial education, and saving products.
'Through the initiative, employees will have access to affordable borrowing with low APRs and manageable repayments that are taken directly from payroll.'
As many as six in ten employees admit to being mentally and physically affected by financial worries, according to Neyber's 2017 DNA of financial wellbeing report. A third of employees cite financial worries as their biggest concern, ahead of health, relationships and work-life balance. For businesses, this poor financial wellbeing can have a detrimental impact on productivity and health in the workplace. So there is a compelling business case for providing employees with financial support.
Mark Scanlon, Chief Executive at Personal Group, said:
'Offering additional support such as fairer finance schemes is a practical way employers can improve the overall wellbeing of their staff. This proposition is about offering practical financial support as part of an overall benefits package. We are enabling employers to address all aspects of their employees’ wellbeing, physical, emotional and financial through a truly holistic wellbeing programme.'
'The Group’s offerings include employee insurance, health and wellness benefits, discounts and rewards, employee communications and a range of employee services accessed via salary sacrifice. Clients include Abellio, Stagecoach, Four Seasons Health Care, Priory Group, Oak Furniture Land, Village Hotels, Young’s Seafood and 2 Sisters Food Group.'
'SalaryFinance is one of the UK's fastest-growing employee benefits. We bring deep expertise in financial technology (FinTech) to help employees improve their financial health. The company is co-founded by Dan Cobley (the former Head of Google UK), Asesh Sarkar (former banking consultant) and Daniel Shakhani (social impact entrepreneur).'
'We are one of the UK’s largest financial wellbeing companies and work directly with employers to offer affordable borrowing to employees, directly from their salaries. Our platform is free of charge for employers.'