Financial Wellbeing: An investment in your people and your business

Thursday, 27 June 2019

Financial wellbeing is important because it affects everyone, every day. For those struggling to cope with day to day finances, looking at how to manage debt or planning for retirement in an ever-changing landscape, the stress and anxiety these events place on individuals certainly has an impact on their health and wellbeing.

A motivated, healthy and inspired workforce is the foundation of every successful business. With an increasing focus around the National Minimum Wage and National Living Wage, there can be a perception that financial wellbeing programmes should be geared towards those employees with lower earnings.

However, what’s clear is that all your employees have financial commitments and pressures. Financial wellbeing remains just as critical to the highest earners in your organisation.

Forward thinking employers recognise that investing the time to establish, promote and drive a financial wellbeing programme within their organisation, can benefit both their people and their business. With the right strategy you’ll be able to improve the overall wellness of your workforce; demonstrating a duty of care whilst also boosting business performance.

For employees, the benefits can include improving their money management skills, enabling them to make more informed decisions around their finances whilst giving them access to better value products.

  • Improve money management
  • Reduce financial anxiety
  • Reduce stress

For employers, financial wellbeing can lead to more engaged employees and consequently higher levels of performance, transforming your organisation into an employer of choice. It’s also a great way to:

  • Raise staff morale
  • Improve performance
  • Improve retention levels

Financial pressures

This statistic really highlights the impact that poor financial wellbeing can have on your people’s concentration, productivity and presenteeism. Forward thinking employers now recognise that a financial wellbeing strategy embedded into their workplace culture can add real value to their employee value proposition and help them improve retention, recruit the best talent and increase productivity levels.

Find out more about our approach to financial wellbeing strategy in the workplace:

Author: Iain Chadwick, Consultancy Director