Bianca Walsh· Job Architecture Lead, Pinehurst Foods
Asked in Benefits & Wellbeing ·
UK housing association, about 1,500 staff, a lot of them in care and maintenance roles on modest pay. We launched a financial wellbeing programme 14 months ago: workshops, a salary-linked savings scheme, access to a debt advice service and an earned-wage access product.
Registration is 38%, which the provider tells me is excellent. My executive team wants to know what it has achieved and all I have are activity numbers.
What outcome measures have people used that stood up to scrutiny? I am wary of claiming credit for things like reduced absence that could have many causes.
7 helpful · 2 insightful · 2 replies · 89 views · 4 following
Compensation Consultant, Cardinal Insurance
We use three, none perfect. Number of people with an active payroll savings deduction and the median balance, which went from nothing to 22% of staff and 410 pounds in two years. Requests for salary advances and hardship loans, which fell by about a third. And two questions repeated in the annual survey about running out of money before payday.
I would not try to link it to absence or turnover. The savings balance is the one the board remembers.
Compensation Consultant, Tidewater Utilities
I would look hard at the earned-wage access numbers before presenting them as a success. In ours, 9% of users accounted for 60% of withdrawals and were drawing every pay period, paying a fee each time. That is a dependency you have built in, and it does nothing for their wellbeing. We capped it at two draws a month and paired heavy users with the debt advice service.
