How employers can help with employee’s financial wellbeing 

What is financial wellbeing?

Employees work extremely hard and a crucial element to ensuring employee happiness within the workplace is assured financial wellbeing.

In simple terms, this is the process of making sure your staff feel financially secure, stable and safe from any monetary and income related difficulties leaving them happy in and outside of work. 

The basics of providing financial wellbeing

In order for an employee to have financial wellbeing, they should believe they are being paid enough, have the support they need and have the assurance that they won’t be losing their job any time soon. 

Factors such as changing management within the business, high employee turnover and lack of advice can cause worry and doubt for individuals at work. 

The statistics

  • 1 in 4 employees say lack of financial wellbeing adversely affects their workplace performance;
  • 19% of employees lose sleep over financial concerns;
  • 10% find difficulty in concentrating at work with 8% spending time at work dealing with financial issues;
  • 29% only just earn enough money to get by each month;
  • 11% have difficulty in understanding complex financial terms and jargon

 (source CIPD)

Methods of improving employee's financial wellbeing 

Providing financial management advice

Employers should work with their employees to educate them on financial wellbeing and improve their understanding of finances in general. This will help them better evaluate their current financial situation. 

Better knowledge surrounding the subject will reduce uncertainties and therefore increase employee confidence, reducing potential levels of stress.

Improved Pensions

Although auto enrolment into a company pension ensures that anyone over the age of 22 in full-time employment is entered into a workplace pension scheme, as an employer you can further improve financial wellbeing through people’s pensions.

This can be done by offering above the minimum contributions for employee pensions. This is a nice benefit for employees to have, and from a financial perspective, it makes sense to keep their job and stay with this employer for a longer period of time in order to keep receiving higher levels of contributions. 

Short and long-term benefits

Another method of providing financial wellbeing to employees is through offering benefits. For example, a discount across retailers or a yearly performance-based bonus. This is another little financial perk to those in the workplace and is likely to improve morale. 

It’s important to provide both short and long-term benefits - although some may be satisfied with odd benefits here and there - as many will be looking for something which will be of benefit to them in the long run. According to a recent study, 69% of staff say they'd be more likely to stay with an employer that offered good benefits

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Posted: Thu 11 Apr 2019
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