Personal Group offer customers financial wellbeing
Personal Group offers its customers access to financial wellbeing through partnership with Neyber and SalaryFinance
Financial worries plague one in four employees, according to published research
8th June 2017 - Personal Group is partnering with Neyber and SalaryFinance, which will allow Personal Group's 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.
Wellbeing in the workplace is often synonymous with physical and mental health; however, financial wellbeing is becoming more and more prevalent. According to the 2017 DNA of financial wellbeing report from Neyber, 58% of employees admitted to being mentally and physically affected by financial worries. With 33% of employees citing financial worries as the biggest concern, ahead of health, relationships and work life balance. These financial problems are not necessarily because of poor financial management, but increasingly external factors such as the rising costs of education and housing, depressed wages, rising childcare costs, and energy and food prices, are taking a toll on employees across the UK.
There is a compelling business case for providing employees with financial support. Businesses and organisations are feeling the impact of poor financial wellbeing and the potential impact it can have on productivity and health in the workplace. According to the CIPD in published data released earlier this year, 1 in 4 workers report that money worries have affected their ability to do their job. Household debt has also reached unprecedented levels: household debt is higher than in 2008 before the financial crisis.
Mark Scanlon, Chief Executive at Personal Group commented: "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."
ENDS
Notes to editors
About Personal Group Holdings PLC
Personal Group Holdings Plc (AIM: PGH) is a technology enabled employee services business, working with employers to drive productivity though better employee engagement and a more motivated workforce. With over 30 years' experience, the Company provides employee benefits, serving 550 businesses, reaching over 2 million employees across the UK.
Personal Group's offer comprises 8,000 in-house and third party products and services, from c.60 supply lines. In-house services include employee insurance products (hospital, convalescence plans and death benefit) and the provision of home technology via salary sacrifice (iPads, computers, laptops, smart phones and smart TVs). Third party services include retail discounts, e-payslips, employee assistance, wellbeing programmes and salary sacrifice cars and bikes.
The offer is provided via the Company's proprietary technology platform, Hapi. The platform is intuitive and accessible via web, tablet and mobile app, driving better engagement, communication and value recognition. Hapi is flexible and can quickly integrate additional services, such as existing employee services and partner platforms. Hapi is a SaaS product.
Through technology and select acquisitions, the Company has grown its addressable market from 6m to 27m UK employees; including 15.6m SME employees targeted via its partnership with Sage, the UK's largest software company.
Personal Group's innovative approach to using technology to deliver its programmes, combined with its face-to-face method of communicating with employees, makes its offer compelling to blue chip clients across the UK as a way of attracting, retaining and motivating employees.
Personal Group has a strong client base across a range of sectors including passenger transport, healthcare, logistics and food manufacturing. Clients include: Stagecoach, Four Seasons Health Care, Priory Group, Spire Healthcare, Bibby, 2 Sisters Food Group and Young's Seafood.
For further information, please see www.personalgroup.com
About Neyber
Neyber is a free financial employee benefit taking care of the financial wellbeing of UK employees. Neyber is on-hand to help employees build financial knowledge and resilience. Our Financial Wellbeing Team is made up of in-house financial experts that facilitate your employees' online and offline financial needs. These range from 1-to-1 clinics, financial wellbeing seminars for colleagues and management teams to podcasts, which are available on our Wellbeing hub.
About SalaryFinance
SalaryFinance is a business with a social purpose: to improve the lives of working people by helping them become more financially secure. We partner with employers to create wellbeing programmes that increase financial literacy and put employees on a clear path from borrowing to saving. Our platform is cost and risk-free for employers and provides access to a range of services including affordable credit repaid direct from salary, educational content and tools to help with budgeting and monitoring credit score.
Enquiries
Nick Lyon, Sophie Lister, Lucy Wollam on personalgroup@hudsonsandler.com or 020 7796 4133
This information is provided by RNS
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