Benefits and Pensions Monitor’s Post

So many Canadians are struggling with financial stress, which is impacting their productivity at work. Yet, most companies only offer a package of blog posts and calculators as a financial wellness program. Unfortunately, this is not going to help the problem. Learn more👇 https://lnkd.in/eumHjj9r #FinancialWellness #FinancialStress #Employers

“Once payday super commences, the number of contribution transactions will jump from the current 200 million per year up to approximately 500 million to align with the ATO’s records of the number of salary and wage payments” – Michelle Bower Read more about the impacts Payday Super will have on your organisation summarised by Accounting Times. This article gives a great overview of our guide ‘Payday Super Unpacked” examining the introduction of Payday Super. Click the link below and have a read. Leave us your thoughts or comments below too! https://lnkd.in/gGCvTriF #Paydaysuper #closethesupergap #STN

As we wrap up another financial year, there are some key changes on the horizon. Here's what’s changing and how it might impact your business.

According to the National Payroll Institute, 56% of Canadian employees say they are less productive at work because of money worries*. The last year has brought an increase in financial stress, and 29% of those making over $100,000 report living paycheque to paycheque. Further, 72% said they are feeling the pressure of housing costs. Of those who said they feel stressed financially, 77% said their debt feels overwhelming. Unfortunately, I’m still seeing too many companies adding “financial wellness” programs that are no more than a collection of blog posts behind a login. If this was a good solution, we wouldn't have a problem. Money is complicated and loaded with discomfort and myths that put many workers in a position to inadvertently increase their financial stress. Stop making financial wellness a checkbox exercise, where anything will do so you can get it off your list. Employers out there; it may not be your fault that your employees are financially stressed but, I promise you, it is your problem. Current financial stress induced distractions are costing companies $53.9 billion dollars. You’ve got to do better. And the solution that doesn’t have a way to measure actual financial health improvements isn’t going to cut it. Hint, a bunch of blog posts, and some calculators that can’t save the learner’s data, aren’t a financial wellness program. * https://lnkd.in/gPh64rQ9

The real cost of the UK Autumn Budget isn't what you think. Everyone's talking about: 1️⃣ 15% Employer NI (up from 13.8%) 2️⃣ £12.21 National Minimum Wage 3️⃣ £40bn in tax rises But here's what smart employers are focusing on instead: → Salary sacrifice opportunities → Recognition programme optimisation → Strategic benefit redesign Because when employer costs go up, you need more than just budget cuts. You need a smarter approach to employee experience. We've broken down exactly how leading companies are turning these challenges into opportunities. https://lnkd.in/eJ85Dd2V #UKBudget #HR #EmployeeBenefits

🔄💰 Payroll Savings - The Ultimate Benefit 💰🔄 📉 30% of UK adults have no savings 🔄 Payroll savings provide users with an effortless and automated way to save. 💫 Building regular savings habits increases users confidence when managing money. Having a small savings buffer is proven to reduce stress and improve wellbeing. 💫 #uksavingsweek #payrollsavings #financialresiliance

I’ve already had two conversations today with clients on how we can help them with salary sacrifice schemes and recognition. The link to the ebook below could be interesting for you……

UK’s cost-of-living crisis has caused recent January blues to hit even harder. As a result, payroll accuracy has become particularly crucial this January. In his recent article, Marcus Beaver highlights the importance of accurate payroll management during these trying times. Keeping track of employee salaries and benefits is essential, especially when finances are tight. Let's make sure we are taking the necessary steps to ensure everyone is paid accurately and on time. #payrollmanagement #costoflivingcrisis #employeebenefits

📢 Budget 2024: Key HR Takeaways 📢 Today's budget announcement has important implications for HR teams and organisations alike. Key areas of interest include wage support, training incentives, and mental health funding – all of which affect our strategies for employee engagement, retention, and development. Here’s what HR professionals should focus on: 💷 Wage Growth & Support: Evaluate wage adjustments to stay competitive, especially with new funding in key industries. 📈 Upskilling & Training Incentives: Take advantage of grants and incentives to expand skill development programs and support a future-ready workforce. 💚 Mental Health Investments: Leverage increased mental health funding to enhance employee wellness initiatives, fostering a healthier, more resilient workforce. Now's the time to align budgets with these priorities and maximise the support available for our people and businesses! #HR #Budget2024 #PeopleFirst #WorkforceDevelopment https://lnkd.in/e5FEqGcA