FMJ Facilities Management magazine providing industry-specific intelligence to FM and property professionals
Soft service provider, SBFM, has introduced a new financial wellness programme to better support its employees amidst the cost of living crisis.
Bravo Benefits is an app-based programme, which will enable SBFM to help its employees meet their unique financial needs and improve their financial wellbeing with access to a personalised financial education and personal debt advice.
As the UK population continues to feel the pinch as the cost-of-living crisis worsens – particularly as inflation sores and interest rate rises push up costs for many household expenses – the program will also provide employees with access to a selection of retail store discounts.
Data from the Office of National Statistics (ONS) released in June 2022 revealed 77 per cent of UK adults feared the rising cost of living. With nine in 10 workers saying personal finance worries impact their work performance resulting in almost five days (4.9) a year being lost per employee.
While over half (56 per cent) of individuals earning under £30,000 claim they have attended work, despite being unwell, because they didn’t want to take the time off and have their salary docked.
Under the new initiative, SBFM colleagues will also be able to access financial learning resources on topics including credit and borrowing, planning, budgeting and spending, saving, investment and retirement, family and protection, home, car and travel, community and coronavirus.
By introducing the financial wellbeing initiative, SBFM aims to empower employees with simplified financial budgeting and savings tools, while offering financial education through personalised coaching delivered by a certified coach in real-time on their smartphones.
Helen Nicholson, Group HR Director at SBFM said: “As the cost of living continues to rise, employers have a more vital role to play than ever before in supporting their employee’s financial wellbeing. Through this program we are equipping our valued colleagues with the knowledge, training and resources to ensure they can live comfortably, and feel more financially stable.
“SBFM’s colleagues are central to the company’s success. We are thrilled to give back with a programme that will have a lasting impact and help our colleagues reach their long-term financial goals.”
This is the latest commitment to driving positive financial wellbeing by SBFM, with the company already providing a landmark flexible pay scheme that allows employees to get paid a portion of their salary from completed shifts as they earn it, throughout the month, rather than being restricted by locked pay cycles.
In a highly cost-competitive and dynamic marketplace, to keep up with ever-expanding client demands and remain competitive, there is increasing pressure on FM organisations to effectively manage risk.
And with the growing challenges of dealing with multiple suppliers, contractors, and day to day processes, it has never been more important to have access to a compliant supply chain that you have full visibility of.
Market-leading Health, Safety and ESG risk management provider Alcumus, has produced a FREE GUIDE to learn how your organisation can become more resilient and well placed to create value across your supply chain network while saving time and resources.
Topics covered include:
- Overview of supply chain risks in FM
- Best practice supply chain tips
- How to increase value from your supply chain
To download the free guide click here.
