Pluxee UK, formally Sodexo Engage, the leading expert in employee engagement, announces the launch of SmartPay, its latest financial wellbeing solution, to the UK market.
Despite the growing recognition of its significance among employers, financial wellbeing remains a commonly neglected aspect of HR well-being strategies. The pressing issues of rising inflation and the cost of living crisis continue to burden the UK workforce.
According to the latest Office for National Statistics (ONS) data, more than half (56%) of adults report that their cost of living has increased compared with a month ago. To offset increasing costs, 47% of adults said they were using less fuel such as gas or electricity in their homes, and more than 4 in 10 (46%) were spending less on food shopping and essentials.
Pluxee UK is taking a significant step towards addressing this crucial gap in HR wellbeing strategy with the launch of SmartPay, working to help alleviate money worries for employees, relieving financial pressure while offering peace of mind.
SmartPay presents a smarter way to manage finances, making unexpected home and essential purchases more affordable by spreading the upfront costs over time. This is achieved by offering affordable and manageable salary deductions, ensuring that employees can fulfil their financial responsibilities without turning to expensive high-interest loans or accumulating credit card debt.
SmartPay places a strong emphasis on transparency and control over finances. With an easy-to-use repayment calculator, employees can calculate and plan their repayments, making it easier for them to manage their financial responsibilities. Additionally, Pluxee UK offers a wide selection of eVouchers across tech, wellbeing, and lifestyle to align with individual tastes and needs.
Another key benefit of SmartPay is its flexibility. Employers have the freedom to set their own order limits, payment intervals, and employee repayment terms through convenient net salary deductions, allowing employers to cater to different financial situations.
By providing a practical and effective financial wellbeing tool, SmartPay not only empowers employees to make significant purchases without high-interest debt but also enhances their overall financial management.
Graham James, Director at Pluxee UK, says: “SmartPay represents a significant leap forward in prioritising the financial wellbeing of employees. In today’s challenging economic climate, it’s not just a benefit; it’s a lifeline. At Pluxee UK, we believe that by empowering employees with the tools and flexibility to manage their finances, we can alleviate their financial stress, ultimately leading to a happier, more engaged workforce.”
By offering SmartPay as part of their Employee Value Proposition, organisations can demonstrate their dedication to supporting the financial wellbeing of their workforce. This, in turn, strengthens their ability to attract top talent and retain their current employees, ultimately creating a happier and healthier workforce.
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