Your financial wellbeing package can reduce stress levels, improve company culture and impact job satisfaction.
Now more than ever employees need support with their finances. Not only is the soaring cost-of-living impacting people’s financial circumstances, but it’s also affecting their mental wellbeing and productivity at work. In fact, research by Claro shows that employees spend three-and-a-half days a year at work trying to sort out their financial affairs. That’s not surprising given money worries is a top contributor to anxiety levels in UK adults. The same report found that eight in 10 people think a financial wellbeing programme would increase their job satisfaction. So, if employees are suffering in silence, what support can employers provide?
A helping hand
Ensure senior leadership, managers and employee representatives are actively engaged in your financial wellbeing initiatives. It’s important to create a supportive and nonjudgmental environment where employees feel comfortable taking steps to improve their financial and mental health. By equipping them with knowledge, educational resources and access to the right support, you’ll help them to feel confident about their decision-making.
Here are some practical solutions you can implement within your organisation.
Financial wellbeing tools
Signpost your employees to apps, websites and other online resources that may help with financial management, goal setting or budget tracking.
Workshops and drop-in sessions
There will be people who prefer in-person communication. It’s worth teaming up with financial experts who can provide a session on budgeting, debt management or even pensions. It’s a great opportunity for employees to feel welcomed into a space where they aren’t alone and can get answers to any burning questions.
Share plan options
Communicate the benefits of joining your share plan and encourage participation. Some employees may be unaware of its long-term value and how it can support their financial wellbeing.
Financial benefits package review
Regularly evaluate your company’s benefits package, rewards and incentives to ensure it aligns with employees’ evolving financial needs and goals. This is where auditing, data analysis and employee feedback will be useful.
Employee Assistance Programs (EAPs)
Encourage your employees to make use of your EAP’s financial counselling service, especially if their problems are impacting their performance at work. Remind them that this service is confidential and can be accessed over the phone, online or in person (depending on your organisation).
Provide tools and calculators to help employees estimate their retirement needs. It’ll help them to understand how their decisions now will affect their retirement savings pot. Have blogs and articles on the subject that they can revisit at any time, too.
Peer support networks
Encourage the formation of employee-led support groups or forums where colleagues can share tips and experiences related to financial wellness. This safe space will build trust among colleagues.
Remember that promoting financial wellbeing is an ongoing process. That’s where we can help – creating engaging communications that nudge your employees towards improved financial resilience.