07 Apr 2020

How to adapt your financial wellbeing programme through COVID-19

We all had plans for 2020. However, it seems 2020 had different plans for us.

We have all had to adapt to a new way of working in the current coronavirus pandemic which for many, usually office-based employees, is very digital with a lot of video conferences.

As a business, we have also had to adapt quickly. Our employees are now working from home and we have a weekly video conference call as a team to catch up and reconnect with each other. It is lovely to see everybody if only through a computer screen.

A small number of our projects have also had to adapt to this new environment, for example our financial wellbeing seminars. These seminars involve bringing a group of people together in a room for a financial wellbeing presentation delivered by our qualified financial advisers, as well as one-to-one sessions following the seminar. We are now bringing all of this online.

If you are in the same position and have a financial wellbeing project in the pipeline which you now need to adapt, we have put together a few helpful tips on how to do this from our own experience.

1. Take your seminars online

Face-to-face seminars are fantastic way to educate your employees on financial topics such as pensions and employee benefits. With the current lockdown imposed by the UK government, this is for now impossible to do. However, it doesn’t mean you need to cancel this vital piece of your financial wellbeing strategy. It’s time to take your seminars online!

There are many video conferencing and live streaming platforms out there you can use such as Webex, Zoom and YouTube. You can make your presentation more interactive by using presentation software such as Slido or Glisser to engage the audience by creating polls. You can also have a live Q&A with participants voting for their most burning questions to be answered first. Make sure your presenter has their video camera switched on as people are always more engaged when they can see the person speaking.

2. Change face-to-face to telephone

If you’re including one-to-ones with a financial adviser as part of your financial wellbeing offering, then these don’t have to stop. Private meetings with an adviser can be conducted just as easily over the telephone using screensharing to show visual aids such as forecasting or other helpful financial tools.

3. Use an online booking system

If you want to book in your webinars and telephone meetings with several employees use an online booking system. This will allow you to open up time slots to be booked onto by employees directly using a weblink or QR code to enter. This will keep your financial wellbeing programme running smoothly and efficiently whilst reaching as many employees as possible.

4. Communicating change

There will be new expectations for financial communications in these uncertain times. The government has announced support to businesses and employees who find themselves wondering how they are going to survive this pandemic financially. You will need to agree your strategy for communicating to your employees around coronavirus and what help they will have access to. Make sure you are sensitive to your audience. Think about their mindset and what they will be going through in these unfamiliar circumstances.

5. Web portals

If you don’t already have a web portal for your financial wellbeing, now might be a good time to create one. This could be done through your financial wellbeing provider. A web portal can host a range of financial education articles, tips, guidance and tools. This is your central hub of information for employees to learn more and refer back to for help. If you don’t have the resources to create your own web portal than have a look at some of the trusted free websites out there. You can link to articles on these websites through relevant communications for further reading. Many websites also offer guides coronavirus developments.

6. Online tools

There are many great online tools out there for financial planning, budget planning and retirement planning. While your employees potentially have more time on their hands being confined to their homes, it may be a great time for them to do their financial admin and get a few things in order. Think of it as giving your finances a spring clean!

7. Supporting staff financially through difficult times

There is no escaping the fact we are in a really difficult and stressful time right now as a population. The government has announced many new policies to help individuals’ financial situations to encourage them to stay at home and reduce the spread of COVID-19.

As these policies are very new, they need a lot of explaining and people need help to understand what is available to them and how they can access this help. As an employer running a financial wellbeing programme, this is an opportune moment to communicate to your employees and make sure they are well educated in what help they are entitled to. This will not only improve their financial wellbeing but their mental wellbeing too.

We are all in this together and the more we help each other navigate through these tough times the quicker we will come through the other side. Financial wellbeing is as important as ever during this pandemic as many will be facing the prospect of reduced pay, less business and even redundancy.

This article is provided by Lemonade Reward.