Posted on: 07 September 2018
We’ve collated some financial wellbeing tips to help keep your wellbeing offering effective for the entire workforce.
Many employees are struggling with their finances: with almost half of all employees worrying that their financial state will make them unable to retire, and one in three admitting to losing sleep over their worries.
Most employers recognise the need to support the emotional, physical and financial wellbeing of their workforce, but many programmes still suffer from low usage and poor participation. How can you prevent your new financial wellbeing strategy from falling into this trap?
Don’t Force the Conversation
Unfortunately, staff may not feel comfortable discussing finances with their employer. It’s important not to take this personally or assume this means that they have something to hide. Discussing finances is one of the most sensitive topics in the employer/employee relationship, no matter the situation. Whether it is talking about financial worries or requesting a loan many employees don’t feel comfortable talking to their manager or HR department. Consider utilising services such as a confidential EAP that allows for anonymised reports regarding employee usage or fairer finance loans to help those in need. Not only does this offer support to staff but by using the usage data, you can tailor your financial wellbeing initiatives to the needs of your workplace.
Financial initiatives aren’t something you should implement on a whim, a well thought out financial wellbeing programme can be an invaluable tool for improving overall employee wellbeing and engagement. So, make sure you’re giving your employees what they need, not what you think they want.
Keep Communication Channels Open
Any employee wellbeing support you provide will be futile unless you have a communications strategy in place to raise awareness, ensure understanding, drive participation and measure the impact.
Keep your Eye on the Ball
Be open minded and progressive in the types of tools you bring in for your employees. Don’t be afraid to try new ways of doing things when it comes to financial wellbeing. With so many generations and personalities in the workforce today, it is important to offer various financial resources to your employees. From those managing student debt, saving for a deposit or starting a family, to those caring to parents and children, saving for retirement or downshifting, financial worries can follow employees through their working life.
Be a Good Listener
Run financial wellbeing surveys at different stages of the benefit deployment to gauge how the workforce is faring over time and how fast they are moving towards financial resilience. The implementation process doesn’t end after you roll out your benefit, often the missing link in wellbeing strategies is an effective two-way communications infrastructure. Feedback allows you to fin tune your offering and by continuously reviewing and adapting your wellbeing proposition you can ensure that the improvement in employee financial health is a continuous trend and not just a blip.
Employees have always been the heart and soul of a business. Attracting and retaining employees should be a number one priority for any company, and an effective and well thought out financial wellbeing strategy can help you do just that.