Hundreds of thousands of British employees are dealing with a private monetary disaster due to the financial fallout of the coronavirus pandemic. With over 9 million1 folks at the moment furloughed, the proof for this mounting downside is rising: already 1.9 million2 mortgage debtors have taken fee holidays, whereas an extra 1.5 million3 folks have been given fee holidays on their loans and bank cards.
Whereas the virus continues to disrupt enterprise, with extraordinary employees feeling the impression of their pay packets, the necessity for monetary recommendation has arguably by no means been better. But many individuals both can not afford or can not discover easy, useful cash recommendation. Till now.
WorkLife, a brand new worker advantages platform created for small companies and their employees, launches in the present day providing a variety of advantages and companies normally solely accessible to employees at huge company companies. Chief amongst these advantages can be free monetary recommendation, providing folks much-needed help throughout these troublesome occasions.
At launch, WorkLife can be free for the remainder of the yr, saving an SME with 50 workers £600 over the following six months 4. Which means that even these companies hardest hit by the coronavirus outbreak will be capable to provide their employees priceless advantages and help, for free of charge to the enterprise in 2020.
WorkLife is the digital platform from OpenMoney. Anthony Morrow, founder and chief govt of OpenMoney, believes employees have been poorly served by conventional monetary companies firms.
Morrow explains: “Small firms and their workers make up the most important chunk of UK companies and the nation’s workforce. They’re the nation’s engine room and its lifeblood. With out their arduous work and earnings, the economic system has floor to a halt.
“These employees need to be sorted, particularly when so many have been furloughed and are dealing with cash worries. It may be troublesome to know the place to show to for recommendation on monetary issues, so with the WorkLife platform we’re lastly giving smaller firms the instruments they should provide their workers this important help.”
Along with monetary recommendation offered by OpenMoney, WorkLife additionally provides psychological wellbeing steering from Thrive. Reductions are additionally accessible for workers with Purecard, which provides cash off at huge model eating places and retailers. All of those can be found instantly at no additional price to the worker.
WorkLife customers will even get nice charges on life and significant sickness insurance coverage from Anorak and family insurance coverage from Uinsure, in addition to well being and wellbeing offers by way of My Lively Reductions, with extra advantages and reductions to comply with quickly.
The WorkLife platform is easy for employers to arrange on-line, linking up with payroll data and office pensions, so workers can see all their advantages and wage in a single place. Employers may even add their very own advantages and rewards. The platform can be utilized to speak with employees to maintain them updated with their complete advantages package deal and new merchandise.
It’s simply as easy for employees themselves to go online to the platform, by way of a smartphone, pill or laptop, to allow them to select their advantages and maintain monitor of what they’ve. In the event that they reap the benefits of all of the provides, advantages and reductions accessible by way of WorkLife, their financial savings may add as much as the equal of a whole lot of kilos additional in an worker’s wage annually.
Robert Marshall, managing director of WorkLife, says this want to help workers in each side of their life is on the coronary heart of WorkLife’s mission.
Marshall says: “Most worker advantages suppliers normally give attention to huge firms the place they will flip a buck due to the scale and sheer numbers of employees. They’ve ignored the SME sector as a result of an organization with 50 workers isn’t worthwhile sufficient for them.
“With WorkLife we’re blowing that assumption out of the water and serving to to empower employers at a time once they and their employees want it most. We all know that more and more folks look to the businesses they work for as a trusted supply of assist and data. By providing WorkLife free to employers for the remainder of the yr, we hope that this can assist them give their folks the form of serving to hand they want proper now.”
WorkLife launches on 25 June and can be provided freed from cost for the remainder of 2020. The traditional price is £2 per worker monthly, with no further setup cost. It may be accessed by way of www.worklifebenefits.uk.