After almost a decade of uncertainty in the economy, the country has reached almost full employment. According to the Central Bank, an additional 89,000 jobs will be created over the next two years bringing total employment to a massive 2.3 million. While full employment can bring large gains to the economy it also creates significant challenges for employers.
With companies trying to grow their business and needing additional staff to achieve their objectives, it has become increasingly difficult with almost full employment to attract or retain staff. To help address this problem employers look at creative solutions such as work/life balance programmes, wellness programmes with annual health checks or worksite gyms and healthy eating options, all to differentiate themselves from their competitors
The question now facing employers is “what else”? What additional staff benefit can be implemented that’s meaningful for employees and easy for employers to implement and manage.
Let’s look at some more figures for a minute to help understand the nature of the current workforce. 33% of the population are under 25 years of age, with almost 50% of the population under 34, as such Ireland has one of the youngest workforces in Europe. It’s no wonder that its’ virtually impossible to get employees excited about the fantastic pension benefits employers provide when the average employee waits almost 40 years to enjoy their retirement.
All staff are financially active, we also know that a key considerations is how best to use their “hard earned” cash. How to plan a future that gives them and their families as much financial freedom and security as possible.
Helping staff address their immediate financial concerns is a very real benefit that makes sense for both employers and employees alike.
If we take mortgages as an example: Many of todays employees will be trying to secure a mortgage to buy their first home. Yet, like many of us they too will find the whole mortgage application process time consuming, confusing and difficult to navigate. Providing staff with access to an independent financial advisor who is expert in the mortgage market has the following benefits: –
- Meet to provide mortgage advice in the workplace online or anywhere which is convenient for the employee
- Clearly explain the documentation needed by all lenders to access an application
- Go through the many rates on offer whether fixed or variable
- Advise on special offers from lenders such as “cash-back” or “free legal fees”
- Determine the likely mortgage amount available from lenders
- Most importantly, keep the employee informed at each stage of the process
Independent financial advisors can also help employees with their overall financial needs such as; family protection, serious illness assurance, saving to provide third level education for children and investments. The nature of the advice to be offered is determined by you the employer.
Assisting employees by providing access to financial planning is a fantastic benefit and one that employees will truly appreciate.
For more information on our employer services for employees please contact Michael Lacey on 01 6691014.