Employees doing life admin at work – such as arranging insurance and paying bills – costs the UK economy a whopping £15 billion a year.
It’s a huge number and breaks down to UK workers being paid more than £800 a year for time that should be spent working, according to the survey from Quidco.
The research found that more than half of us (56%) spend up to an hour doing this sort of financial management admin each week – equating to more than three weeks a year. It’s something that many employees and employers alike will relate to. And that’s just the day-to-day financial stuff.
When it comes to bigger life admin tasks – and bigger bills to sort out – the time spent and the distraction caused increases dramatically.
This is perhaps most evident when it comes to mortgages. Although not a regular life admin task, many homeowners need to review their mortgage every two or five years once fixed rate deals end. If they don’t, they default to their mortgage lender’s standard variable rates, which are usually much higher, potentially costing them thousands more each year.
For employees purchasing their first property the application process, and therefore potential distraction from work, is even greater. How do they get on the mortgage ladder to start with? Are they mortgage ready? Can they really afford it? What about a deposit? What options are available to them? Is it any wonder they have their mind on anything but work as they try to navigate through such a complex maze of questions?
How can you refocus your staff?
But what if you could help your staff with this process to better focus them, ensuring that they get the advice they need, from experts in the market, delivered at their workplace and reducing the distraction. Yes, it may mean that effectively they are still doing life admin at work, but with quality, expert advice and guidance, the distraction will be less and focus will return.
Charles Cameron & Associates offers in-house, workplace-based mortgage education and advice services to corporate businesses, working for more than 170 blue chip partner companies who range from global law firms to independent marketing houses. The advice is independent and whole of market, often with access to preferential rates. Most importantly however, it’s free. Delivered at no cost to you as the employer or to the employee.
The solution is highly bespoke, consisting of online and workplace-based education sessions and information resources, as well as face-to-face advice meetings and mortgage application support services for staff.
The in-house advice is usually delivered during individual 30-minute sessions in a meeting room within your offices. It covers everything from the first informal chat to helping staff find the right product for their circumstances, as well as full administrative support throughout the process.