Employees that struggle financially most want their employer to provide:
1. Tools and education to help them budget 2. Access to affordable financing such as debt consolidation options
Only 35% of employees surveyed say their employer provides assistance with personal finances, however, for those that do have access to such a benefit, 65% have used it and one third said it helped them to pay off debt.
Snippet is delivered as an employee benefit using specialized software and attentive servicing.We enable companies to help their workforce, outsourcing the work involved to us. Snippet’s team of professionals are skilled at delivering enterprise level solutions to address the complexities of financial wellbeing and truly care about maximising benefits for the company and its employees.
Access to finance that is affordable, quick and simple can help employees in their times of need. Reducing the stress associated with a person’s financial circumstances increases wellness across the workforce.
Replacing and retraining team members is expensive, sometimes costing twice the salary of the departing colleague. Salary loans can reduce employee attrition as this workplace benefit creates better engagement and less need to switch jobs simply for that little extra pay.
Financially stressed employees are shown to be distracted from work for up to 1 month per year. Improving financial wellness can contribute to raising productivity.
Americans struggle with medical bills
Average payday loan APR for 12m Americans
Wages lost due to employee financial stress