With rising prices and staff shortages affecting many businesses, retaining employees and keeping them happy and motivated in their role is more important than ever. Employers are playing an increasingly significant role in supporting their employee’s financial wellbeing.
According to the CIPD Reward Survey 2022, one in four people say that money worries affect their ability to do their job.
Pay is important to every employee, and most people want to be paid as much as possible for the work they do. However, solving employee financial wellbeing isn’t simply a case of throwing more money at them. Employers can still help improve their staff’s financial wellbeing through services and support that can work as part of a tailored HR programme.
As a business, fostering financial wellbeing can enhance the lives of your employees and contribute to increased resilience and engagement, reduced absence, and improved performance and productivity.
Some strategies and initiatives to boost financial wellbeing within your business, benefiting both your employees and the company as a whole, include:
Promote Financial Literacy
One of the first steps towards improving financial wellbeing is to promote financial literacy among your employees. Organise workshops, webinars, or lunch-and-learn sessions where financial experts can educate and empower employees on topics such as budgeting, saving, investing, and debt management. By equipping your workforce with the necessary knowledge and skills, you enable them to make informed decisions and build a strong foundation for their financial future.
Offer a Financial Wellbeing Programme
Consider implementing a financial wellbeing programme as part of your organisation’s benefits package. These programmes can include access to financial planning services, debt management tools, retirement planning resources, and employee assistance programs. By providing these resources, you show your commitment to supporting your employees’ financial well-being, alleviating their stress, and fostering a positive work environment.
Flexible Benefits and Compensation
Evaluate your organisation’s compensation and benefits structure to ensure it aligns with the financial well-being needs of your employees. Explore options for flexible working hours, remote work opportunities, or compressed workweeks, which can help employees save on commuting costs and achieve a better work-life balance. Additionally, consider offering flexible spending accounts, wellness incentives, and retirement savings plans, allowing employees to tailor their benefits to their individual financial goals.
Encourage Open Dialogue and Foster a Supportive Community
Create a culture that encourages open and honest conversations about money matters. Employees should feel comfortable discussing financial concerns or seeking guidance without fear of judgment. Promote regular check-ins between managers and team members, providing an opportunity for employees to voice their financial challenges and explore potential solutions. By normalising these discussions, you foster a supportive and empathetic workplace environment. Also consider hosting events or online forums where employees can connect with financial experts, share resources, or participate in peer-to-peer mentoring programs.
By implementing strategies to boost financial wellness within your organisation, you not only support your employees in their personal and professional lives but also enhance productivity, engagement, and overall job satisfaction.