Home workspace loans for employees | An employers guide
The pandemic has revolutionised how employees work. As lockdown in the UK lifts, it is likely that flexible home-working will permanently become the norm for many organisations.
However, the need for employers to ensure they are supporting their staff wherever they work has not changed. Now is the perfect opportunity for employers to review how they continue to support home working, and the benefits they have in place.
A new and innovative option for employers is to introduce interest free home workspace loans into staff benefit packages, helping to ensure employees have the appropriate set up in place at home. Find out more below.
What is a home workspace loan?
A home workspace loan is an interest free benefit that employees can opt into as part of their benefits package, providing them with the funds they need to set up a home office of their choosing – from larger loans to cover bigger expenses such as the construction of a garden office or convert a garage, to smaller loans to purchase items such as office furniture.
What are the benefits of introducing this type of benefit?
This innovative staff benefit has multiple benefits for both your organisation and your employees.
For employers who are looking to continue full or part-time working from home more permanently, it is a low cost option for ensuring employees feel supported in both their mental health and financial wellbeing. It ensures that employees have a safe and healthy space in their working environment, and helps to set clear boundaries between home and work life balance.
For employees, this has clear knock on benefits. A home workspace loan presents the opportunity to invest in creating a more permanent working set up that suits them, helping to boost morale and promote wellbeing. The loans are interest free and repayments are made through salary deductions, meaning it is a simple, effective and low cost option for employees.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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