5 PayDashboard features to support employee financial wellbeing

Introduction

Financial wellbeing plays a vital role in ensuring a happy and fulfilled workforce. However, many employees struggle to maintain a comfortable lifestyle due to financial constraints. In this blog, we will explore five ways in which PayDashboard can support employee financial wellbeing, providing businesses with alternative options to enhance their employees' financial situation.

1. Financial education and guidance: PayDashboard offers comprehensive in-platform guidance articles that help employees understand their tax codes, payslip terms, and various tax schemes. By equipping employees with this knowledge, they can make informed financial decisions, stretch their net pay further, and build financial resilience.
2. Embedded credit scores: Credit scores have a significant impact on securing loans or mortgages. PayDashboard's mobile app provides in-app credit scores, allowing individuals to monitor and track their credit score's progress. By staying informed about their creditworthiness, employees can take necessary steps to improve their scores and make important financial decisions confidently.
3. Consumer-consented income verification: Securing a loan often requires employees to verify their income quickly. PayDashboard simplifies this process by allowing users to verify their income in a matter of seconds through their payslip. This feature eliminates the need for manual HR or Payroll involvement, streamlining the loan application process and increasing employees' chances of success.
4. Total rewards statements: Many employees are unaware of the full value of their remuneration package. PayDashboard's mobile app includes total rewards statements alongside payslips, providing employees with a clear understanding of the monetary value they receive. This feature allows employees to recognise the impact of their savings and investments on their financial future, encouraging smart financial planning.
5. Government benefit eligibility checker: Numerous government tax schemes exist to support employees, but often individuals are unaware of their eligibility. PayDashboard's app includes a feature that enables employees to check their eligibility directly. By accessing this information easily, employees can take advantage of available government benefits and improve their financial situation.

Conclusion

Financial wellbeing is crucial for employees' overall happiness and productivity. PayDashboard offers a range of features and tools to support employees in managing their finances effectively. By providing financial education, credit score tracking, income verification, total rewards statements, and government benefit eligibility checks, PayDashboard empowers employees to take control of their financial lives. Prioritising employee financial wellbeing not only benefits individuals but also contributes to a thriving and engaged workforce.

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