Top Tips to Drive Financial Wellbeing Benefits Usage

Top Tips to Drive Financial Wellbeing Benefits Usage

Tuesday, September 18, 2018

Birth, marriage, death, divorce – every stage of life has one common thread, everything costs money.

Innovative employers have begun to understand the benefits of providing financial education and assistance to their employees, to aid them through each stage of life and help reduce their stress levels. Financial wellbeing is the final piece of the wellness puzzle, completing the triangle of physical and emotional health. It is a growing area which is fast gathering the attention of HR departments across the country.

However, like introducing any other new benefit to employees, encouraging employees to use the benefits available to them can be difficult. Talking about finances at work isn’t always easy, but if you follow these top tips you might be closer to a financially fit workforce than you thought.

Communication is King

If we’ve said it once we’ve said it a thousand times - the key to keeping staff engaged has always been communication, and when it comes to finances, it’s more important than ever. The information you distribute must be 100% accurate, there’s no room for mistakes when it comes to financial wellbeing.

It is also important to ensure that your internal communication methods will fit easily into your staff’s current lifestyle. With the average brit checking their phone a staggering 28 times per day, it seems as though mobile based communications methods are a no brainer.

Here at Personal Group we use a wide range of communications methods to support our mobile based push notifications, such as our company e-newsletter, weekly huddles and quarterly communications meetings.

Listen and Learn

When it comes to employee engagement, communication is never a one-way street.  Once you have launched your benefits offering, make sure that the information has been well received and understood by employees. Follow up by seeking feedback in the form of pulse surveys, focus groups and traditional face-to-face communication.

The key to long term engagement with wellbeing initiatives is feedback and change. A continuous cycle of questioning, absorbing and updating will keep your offering effective and up to date. Of course, it is impossible to fulfil all requests, but make sure to acknowledge the issue or opinion of the employee and explain why it is not practical or appropriate to make the changes needed. This ensures that all employees feel included in the refining process.

Don’t Go It Alone

It is always sensible to seek professional advice when it comes to your personal finances, so why should you act any differently towards your employees? Building a partnership with a well-known financial advisor, or an organisation that specialises in workplace financial wellbeing programmes takes some of the strain away from HR, and gives your employees added confidence in the accuracy of the information provided. An independent service also allows for greater security in the anonymity of the information they share when asking for advice, something which could otherwise be a huge obstacle for employees seeking help. 

For more information on our Wellbeing services and how we can help your staff, visit our Health and Wellbeing page, or download our Financial Wellbeing Checklist.

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