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
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.
Your guide to employee financial wellbeing
Download our guide to ‘Helping your employees make better financial decisions’ to look further into the benefits of employee financial wellbeing, for your business and your people.
In this guide, we’ll show you how to:
- The key financial stress points in peoples lives
- The importance of investing in your employees
- A framework to build your own business case
- 3 pillars of an effective financial wellbeing strategy