National Financial Awareness Day, is a day for people to focus on their financial wellbeing, whether that’s building money confidence or re-evaluating their finances to reach their goals.
Chris Britton, People Experience Director at Reward Gateway | Edenred, comments: “With affordability and cost of living pressures still firmly being front of mind for many Brits, our research reveals that 60% of employees are expressing concern about financial pressures when thinking about the job market and UK economy. This is a prime opportunity for businesses to support their workforce by equipping them with the financial tools and support they need to live comfortably and avoid any knock-on effects in their lives or work. Poor financial wellbeing affects job performance, absenteeism, retention and morale - all of which can have a negative impact on businesses if ignored.”
Chris shares his top tips on how businesses and HR teams can help boost employee financial wellbeing.
Understand employees’ needs
You can’t fix problems if you don’t know what they are. It might sound simple, but it can be easy to become disconnected between HR strategy and employee sentiment. Find out what employees would find more valuable - is it a pay raise or bonus, or simply more flexibility when it comes to work? Collecting employee data will help you focus your efforts on the financial tools that will make the most impact, and what type of financial support matters the most to them.
Encourage open discussions around financial health
Money can be a taboo subject, particularly in the workplace. When you create an open, inclusive and non-judgmental culture, where employees feel they can be authentic at work, they will be more willing to share their financial worries with their managers. Our research found that 60% of employees agree that their line manager regularly checks in on their wellbeing, but financial wellbeing could be introduced particularly during economically challenging times. Managers should also be equipped with the skills to handle more sensitive conversations, so ensure sufficient manager training is available.
Put a spotlight on your benefits
Workplace benefits can sometimes be overlooked or forgotten, so make sure you’re communicating what is available to employees. The best benefits plans are comprehensive, suiting a wide range of needs. This could be discounts on the food shop to relieve day-to-day financial pressures, or the workplace pension scheme for long-term financial stability. If you’re finding that perks are being underutilised, consider looking into a different benefits package - employee wellbeing does not have a one-size-fits-all solution.
Implement financial wellbeing programmes
Looking beyond discounts, your plan should be part of a wider employee assistance programme (EAP), with a focus on improving employees’ financial wellbeing at work. Instead of an EAP being something employees turn to in times of crisis, this can prove an invaluable tool to deal with everyday financial pressures and help staff to manage their money better - minimising financial issues in the long run.
For example, offering employee loans with salary-deducted repayments can help your staff when they are most vulnerable or at an important stage in their lives. Similarly, hosting advice sessions educates employees on financial wellbeing. It’s all about being flexible and giving the support they need.
Continuously adapt for organisational needs
A focus on employee financial wellbeing doesn’t stop once a programme is in place. Continual check-ins are vital to adapt to evolving employee requirements and ensure that everyone’s needs are covered. Look to regularly review your benefits package and encourage employee feedback to keep financial wellbeing at work a top priority.
