For employees, this means the cost-of-living crisis is far from over. For employers, it raises a difficult question: how do you help your team feel financially secure when pay rises might not be possible? ‍

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The reality: not every business can keep increasing pay

Wage increases have been a natural response to rising prices over the past two years. But as inflation sticks around, it’s not a sustainable solution for every business.

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Margins are tighter, budgets are stretched and while many employers want to offer more, ongoing pay rises simply aren’t feasible without affecting wider operations.

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That doesn’t mean employees don’t still need support. In fact, the pressure on household finances is growing. According to REBA’s 2024 data:

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• 24% of employees worry about money every day.

• Nearly 40% say it affects their sleep.

• Financial stress is one of the top causes of absence and reduced performance at work.

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The challenge is clear. Your team needs help - even if higher wages aren’t on the table.

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The limits of reactive support

Traditional wellbeing tools, like Employee Assistance Programmes (EAPs), play an important role. They offer crisis support - from counselling to debt advice - and can be a lifeline when someone’s struggling.

But these tools often step in too late and by the time an employee reaches out, they’re already under serious stress.

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A more effective approach starts earlier. One that helps people build financial confidence and allows them to tackle the problems before they take hold.

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A smarter way to support financial wellbeing

Forward-thinking businesses are starting to reframe their approach. Instead of focusing solely on how much employees earn, they’re looking at how they can help their team make the most of what they’ve got.

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1. Make salary sacrifice work for everyone

Salary sacrifice allows employees to swap part of their salary for benefits like pension contributions. It reduces their taxable income, which means lower National Insurance (NI) bills for both sides.

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The benefit? Employees can save more for retirement without taking home less. And employers can reinvest the NI savings into other areas of the business.

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Thrive makes this process easy and makes sure everything runs smoothly from day one.

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2. Help your team see the full picture

In tough times, it’s easy for employees to focus on what they don’t have. But many people underestimate the value of what they already get. Whether that is pensions, insurance or salary sacrifice schemes or employee discounts, if they can’t see it, they can’t value it. And that’s where a modern benefits platform makes a real difference.

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With Thrive, you can track engagement, highlight underused benefits, and give employees a clear, personalised view of their full reward package. That means better visibility, better engagement, and a stronger sense of support - even when base pay stays the same.

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3. Make financial education a journey - not just a resource

Financial education isn’t a box to tick but a way to help your team build lasting confidence with money. And that’s exactly how Thrive works.

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It starts with the Thrive Financial Academy. A growing library of short, practical lessons on real-life money topics - from saving and budgeting to debt, investing and pensions. It’s clear, accessible, and built for everyday use. No jargon. No overload. Just the right guidance, right when it’s needed.

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Then comes coaching. When someone’s ready to make a move - or just needs a bit of help getting started - they can speak to a Thrive financial coach. Real people, offering steady, supportive guidance without product pushes or pressure. And when expert advice is needed, we make it simple to connect with a regulated financial adviser.

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With Thrive, financial education isn’t one thing. It’s everything - learning, coaching and advice, all working together to help your team feel more confident, every day.

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Why all this matters

When people feel secure with money, they’re more focused, more engaged, and more likely to stick around. Financially confident teams are less likely to burn out, and more likely to contribute fully to your organisation’s goals.

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REBA’s research shows that companies with strong financial wellbeing programmes see improved retention, reduced absenteeism, and better performance overall. In short: it pays to support your people.  

Even if pay rises are off the table this year, you can still give your team the tools to feel more in control of their money - and their future.

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Supporting financial wellbeing isn’t just the right thing to do. It’s a smart investment in your team, your culture, and your bottom line.

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Speak to our team to see how we can help.