Supporting Contractors’ Well-Being: The Holistic Approach of Umbrella Companies
by on July 13, 2023
If you already use an umbrella company to deal with processing your salary, taking care of your Tax and National Insurance contributions, and compliantly maximising your take-home pay, you’ll be aware of the range of work-based benefits they offer. What you might not know, however, is that some umbrellas go further than that, and offer support for contractors that goes beyond merely monetary and administrative.
Here we look at how umbrella companies should be supporting contractors’ well-being too.
One-in-four of us will experience a mental health problem of some kind every year and it’s estimated that an astonishing 185.6 million working days were lost in 2022 because of sickness or injury, including stress.
The Health and Safety Executive (HSE) has identified six main areas of stress that affect workers:
Not being able to cope with the demands of the job
Not being able to control the way they work
Not receiving enough information or support
Having troubling relationships at work or being bullied
Not fully understanding their role and responsibilities
Not being engaged when a business is undergoing change
As a contractor, your working life is very different from a ‘traditionally-employed’ person, with added stresses to factor in on top of other workplace demands. Not only do you have to fit in temporarily to an already-established team, get to grips with the nuances of your new role immediately, and come to terms with varying corporate cultures, but you also have one eye on the next assignment, and the one following that, in order to meet the demands of an increasingly expensive cost of living.
It can all add up to stresses and strains that can manifest themselves as mood swings, lack of motivation, commitment or confidence, or heightened emotions such as aggression or feeling weepy. And if a contractor doesn’t feel supported or encouraged it can make their working life a misery regardless of how much they are earning.
What’s the solution?
Many contractors choose their working arrangements due to a desire for a better work-life balance, and many are extremely happy with what they do and who they work for. An employer who feels like they’re on your side is a privilege that not all of us are lucky enough to enjoy.
When you join an umbrella company it’s different. They become your employer, so it makes sense to look for one that will not only benefit you financially and administratively but will also look after your wellbeing, and offer a holistic approach to your employment.
This is where Payme comes into its own.
Not only does Payme offer you prompt and accurate payments to reduce payday anxiety, a simple and quick registration process (including our own sophisticated and bespoke alternative to CEST which provides a more accurate determination), full employment rights including Statutory Sick Pay, Maternity and Paternity Pay, the opportunity to pay into a private pension through salary sacrifice, and a record of continuous employment which is vital for when you’re applying for a mortgage or other credit facilities, but also a range of less-tangible benefits which can help lower your stress levels.
Mood boosting extras
Many employers now offer perks or extras to encourage the right people to come and work for them, and to encourage them to stay. It’s part of what’s known as an Employee Value Proposition and it’s what’s offered to employees in exchange for their experience, dedication and skills. It can be something as simple as Dress Down Fridays but often it’s things which make employees feel valued and proud to work for a company.
Payme takes its responsibilities to its employees seriously and we’re committed to not only offering them great value for money with our range of quality products, but also things which can enrich their lives in other ways and which are designed to boost their mental and physical wellbeing.
To do this we offer the following:
A dedicated, experienced and friendly customer service team – you can speak to a real person who’ll be able to help you with any queries or questions about anything related to your employment
A Rewards scheme – helping you save money on fuel, retail purchases and restaurants, because we enjoy helping your money go further
Discounts on training courses – so you can take your career further, at a time that’s right for you
A 24/7 GP helpline – because we realise the importance of your health
Personal Accident Insurance – a comprehensive range of cover, from injury to death
Unlike some umbrella companies, we’re committed to taking a holistic approach to the health and welfare of our employees because we value them and recognise the important role they play in driving forward the economy of the UK. Ultimately we feel that they deserve all the benefits of traditional employment while enjoying the freedom of their assignments and we’ll continue to do our best to support them.