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23 Mar 2018
by Andrew Drake

How to address financial wellbeing alongside physical and mental wellbeing strategies

It goes without saying that it’s now a given that cracking the nut that is our people’s financial wellbeing will go a long way to helping a business reduce absence and increase productivity. That is a very short summary of its accepted benefits but wraps it up quite nicely.

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So how do you do it? It depends a lot on the type of business you are, the people you employ and your commitment to doing something about it. But one thing I’d like to explore is some simple things to help you bring it all together. 

My belief is that all three pillars are intrinsically linked. For the genuine wellness of your people you need to turn up the volume on them all but tweak where you apply to focus depending on the moments being experienced in the lives of your people.

And for the rest of the blog, mental wellbeing becomes emotional. I think it sounds nicer.

So think physical wellbeing. You introduce gym membership through your benefits platform. That encourages the physical wellbeing of your people. Regardless of where we all are in our lives, the majority of us are acutely aware we should be healthier. 

It also promotes financial wellbeing as it’s likely your employee is spending that money elsewhere but doing nothing with it. So great news - that’s a few pounds a month better off in more than one sense. But emotionally you’ve helped them too. I’m a big believer that getting the heart pumping and adrenaline going is a massive boost to the mind, even if it’s five minutes on a treadmill.

How about dental insurance? Typically something under physical wellness. But it saves money? So it’s financial? I know how distracting tooth pain can be so knowing I can get a quick appointment privately and be reimbursed takes a weight off my mind.

And finally the subject forming small talk everywhere at this time of year. The summer holiday. Where are you going this year? Perhaps the question is “can I help you afford that holiday you really need with your friends and family?”

You'll no doubt want to work on that beach bod before you and you’ll be a healthy-eating guru for that. Physically you’ll be in prime shape before you enjoy a fry-up every morning on the Costa Del Sol but you’ll come back emotionally recharged from the time away with friends and/or family.

There are ways you can make this financially more affordable meaning you and your employees enjoy the physical and emotional benefits as well.

So it’s not all about financial wellbeing. It’s just a piece of the jigsaw that requires the physical and emotional pieces put in place too. I’m happy to talk about this stuff all day long to anyone that is interested in it.

Andrew Drake  is proposition director, benefit consulting at JLT Employee Benefits. 

This article was provided by JLT Employee Benefits. 

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