Five ways to build a financial wellbeing strategy that suits all your workforce
Today, many workforces are multi-generational. For your business’s financial wellbeing strategy to be truly effective, it is vital that you support every generation and every individual within the company. Here, we explore how to build a truly inclusive approach to financial wellbeing.
YouGov research commissioned by credit information provider Equifax (2018) found that financial worries impact the mental health of employees, due to difficulty sleeping. It is no surprise that this affects productivity and attitudes during the workday, and it is therefore vital that you support your workforce in all aspects of their wellbeing, including financial.
1. Research your employee’s needs
With a multi-generational workforce, your employees are likely to be at different stages in their life. To provide a financial wellbeing strategy that incorporates the needs of your entire workforce, it’s important that you understand their individual needs.
To do this, you should undertake research and find out what your employees need support with. You can do this in a multitude of ways. For example, you can have informal focus groups to discuss your current benefits offering and see what your workforce thinks about the financial support they receive. You could also get your employees to fill in anonymous surveys and forms.
In addition, the development of technology means that many benefits providers now make use of online platforms. Through online platforms, employers can assess their benefit usage rate to see how many employees are using the financial benefits they currently offer.
2. Provide financial education
As an employer, it is important that you provide your employees with individualised, financial education to support their understanding of their own financial situation. You should also illustrate how the benefits you offer can aid them.
You can do this through the implementation of an online platform that will support your employees in finding out the latest information about the financial benefits you offer. You may also choose to offer your employees education through financial wellbeing benefits. These benefits give your employees access to hubs of education, where they can find content such as podcasts, articles and tools to build their financial knowledge, confidence and resilience. Having access to these resources ensures that, regardless of your employee’s personal situation, they can learn more about supporting their own individual financial needs.
3. Encourage conversation
Regardless of what they are saving for, your employees may feel stressed or worried. To ensure that your financial wellbeing strategy is applicable to all your employees, you should encourage conversation.
This can be implemented through benefits such as employee assistance programmes (EAPs) – valuable schemes designed to give employees support when they need it most. An EAP provides employees with a telephone counselling service and online help system which can assist your workforce with a range of issues, including financial concerns. When your employees know that there is someone they can talk to about their personal situation, they will feel supported at work.
4. Support their future
Whether it’s for their pension, first house or another child, your employees will be saving for their future. To build a financial wellbeing strategy that supports the needs of your entire workforce, it’s vital that you look towards your employee’s future.
Employers can support future financial needs by offering investments and savings support, such as the opportunity to buy an investment ISA through the workplace. These make investing easy for employees and allow them to invest in a smart way. Employees can invest as much or as little as they feel comfortable with, which means you can support all of your workforce in a way that feels comfortable for them.
5. Salary sacrifice
Changes to the salary sacrifice rules in 2017, mean employers are now more limited in what they can offer their workforce under a salary sacrifice scheme. However, pension contributions, childcare, cycle-to-work schemes and low-emission vehicles are all valid under the new rules.
By offering these benefits, you give your employees access to new bicycles, childcare support, new cars and support in saving for their future. These are all factors which may affect your employees’ financial wellbeing, and there is something for everyone, regardless of their individual situation.
Financial wellbeing strategies
By allowing your workforce to feel more in control of their finances and their future, they are likely to feel appreciative of their workplace for helping them make more of their money.
By recognising how financial worries and mental health may affect your workforce, and providing benefits, reward and support that can change your employee’s financial situation, you support your business too. When employee productivity increases, your business productivity does too.
This article is provided by Busy Bees Benefits.
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