UK Power Networks has just over 6,000 employees, including electricians and engineers who work across London and the east of England. The organisation’s employees cover affluent areas of London where even the country’s top earners struggle to get a foothold on the property ladder.
It is an issue that Steve Remnant, head of reward and HR services, is acutely aware of. Employees are offered a variety of benefits, tailored to help them feel more financially secure.
The organisation noticed that rental tenancy deposits were getting bigger and decided to help. “All employees who work for us who are thinking of moving, whether it is to do with their work for us or not, can take advantage of an interest-free loan to assist with tenancy deposits,” says Remnant.
“We offer a season ticket loan to help staff who live further out of London, where it is cheaper.”
Employees can also access an employee assistance programme (EAP), which offers staff counselling and guidance on issues such as financial problems and family issues. While the discussions employees have with the programme are strictly anonymous, the organisation does receive access to data on some of the themes that arise. That is how it picked up the fact that staff were looking for advice on financial wellbeing.
UK Power Networks decided to partner with Neyber to give staff access to affordable loans. “The decision is entirely the employee’s but at the end of the day if this is helpful for them, then we are glad we can offer it on behalf of the [organisation],” says Remnant.