×
First-time login tip: If you're a REBA Member, you'll need to reset your password the first time you login.
09 May 2017
by James Malia

Ways to make the most of your financial wellness benefits - what you may be missing

When speaking about finances in day to day life, a lot of wisdom seems to stem from old proverbs.

B70C-1493918578_moneytreeMAIN.jpg

“A fool and his money are soon parted.”

“Money doesn’t grow on trees.”

“If you pay peanuts you get monkeys.”

But I can guarantee we’ve all experienced the awkward silence when a conversation turns to finance or salary in the workplace. Everything tends to be spoken of in metaphors, oddly placed proverbs, ‘hypothetically’ or in most cases avoided completely. But with research from Willis Towers Watson showing that over half of employees are experiencing financial worries, it’s a topic of conversation we need to be encouraging more of.

While problems may only be related to your employee’s private financial situation, it can lead to a significant negative impact on their colleagues. Financial worries can stop employees performing to the best of their ability, with those who are struggling often unable to concentrate on tasks, leading to their productivity and quality of work suffering. As a business providing financial wellbeing benefits to reduce these additional worries, you’ve already taken a great step, but here are a couple of extra things to think about.

You can lead a horse to water, but you can’t make it drink.

Offering financial wellbeing benefits has a positive effect on your business. Giving a choice of flexible and personal wellbeing benefits and rewards makes all the difference to your employees. But even if you have a programme in place, how do you encourage your employees to participate?

By recognising the need to provide financial wellbeing benefits to your workforce you’ve already half won the battle. A survey from Barclays found that 38% of employees would move to a company that put financial wellbeing as a priority- proving a well-executed wellbeing programme could improve not only staff loyalty, but also employee engagement. So how do you make your financial wellbeing benefits something staff are keen to be a part of?

Here’s a couple of things you might want to think about:

Variety is the spice of life

Understanding your staff demographics is important, as most of your staff are likely to be at different stages in life and so will want different things. For example, older employees approaching retirement are likely to be looking for benefits which are different to those just entering the workforce or those with young families.

Learning about your employees will enable you to deliver a benefits scheme that motivates them and helps you communicate more efficiently.

If you want to go fast – go alone, if you want to go far - go together

Employers need to address the awkward nature of discussing finances in the workplace and a strong employee communications plan, which begins conversations about financial wellbeing, helps make it a part of company culture.

Ensuring comprehensive and regular communication is in place, which clearly highlights wellbeing benefits available through their workplace, as well as how these can help individuals and how to access them effectively, is key to the success of any programme.

Financial worries and the stress they cause can become a significant issue for your workforce if left unsupported, but it is possible to gain control of the situation before it spirals out of control. By creating communications which are clear, simple and reactive and with case studies providing real-life examples, you can reduce the stigma of having these types of conversations at work.

Your messages shouldn’t be about “how wonderful our benefits are” but instead informing your employees of how the benefits you are offering can improve their lifestyle, for example “Save up to £500 a year on every day essentials with our staff cashback card,” demonstrate how the benefits are relevant to them and add real value.

Multiple channels of communication will ensure all employees can access the information. Posters, presentations, emails, online staff portals, management information packs, SMS messages, benefits leaflets and staff handbooks are all good ways to communicate and engage with people of all ages in your workforce.

Now stop, collaborate and listen!

It is a lot more difficult to motivate people to perform well at work if financial problems are causing stress and worry at home. Ask your employees which financial wellbeing benefits would be helpful to have. This can be through surveys, focus groups and staff meetings - however best will connect with and engage your workforce and encourage a high level of response.

Make sure you don’t just turn this into a tick box exercise though. Once you have a plan outlined and offer it up to general comment, be prepared to make changes or amendments based on constructive suggestions staff at all levels may have. In this instance your junior intern’s opinions can be just as helpful as your CFO’s, as both are likely to be at very different stages of life and so requiring various things from their benefits. The most successful benefits with high take up levels are those built on a foundation of collaborative input.

Actions speak louder than words

Once you have understood staff wants and needs, it gives you a chance to think outside the box. Voluntary benefits can help make your budget stretch even further if you communicate them properly to the right people. For example, just because benefits such as income protection and healthcare are usually only offered as standard to senior management level, it doesn’t mean they couldn’t be opened to the rest of the workforce as a voluntary benefit. After all, these types of benefits have a high perceived value and are guaranteed to provide employees with a safety net should the worst happen.

Benefits which help employees manage their finances such as cashback cards and discounted high-street retail vouchers can make a real difference to budgeting needs. Other types of benefits such as a salary sacrifice scheme, can help spread the cost of things such as annual car parking, technology or holidays over 12 months or more.

More personalised services, such as having a pensions or finance advisor available for your staff who can give free, impartial advice offers a simple, cost effective way to support your employee’s financial wellbeing. Simply advising staff that appointments will be available for allocated time slots on a certain day, helps to reassure them that as a business you care about your employees as people.

A bit of fragrance clings to the hand that gives flowers

Financial worries and the stress they cause may be a significant issue for your workforce, but it is possible to stop them from becoming a problem in the workplace. Simple solutions such as cashback cards, loyalty programmes and staff discount schemes can save staff money and help stretch salaries further.

Do your research and find out what will be of the most use to your staff. Fewer, but excellently targeted benefits will be more effective than a broad spectrum of programs on offer with limited practical application.

If your employees feel that as a business you are supporting them through any concerns, whether this is due to financial uncertainty or other day to day worries, they are much more likely to remain loyal employees.

It doesn’t take a lot to implement a successful benefits programme which your staff will appreciate and come to rely on. Remember, when it comes to employee benefits: Loyalty is hard to find, trust is easy to lose and actions speak louder than words.

James Malia is the director of employee benefits at P&MM Motivation, part of the Sodexo family.

This article was provided by P&MM Employee Benefits, part of the Sodexo family.

Related topics

In partnership with Pluxee UK

Pluxee UK, is a leading employee benefits and engagement partner that opens up a world of opportunities to help people enjoy more of what really matters in their lives.

Contact us today