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20 Jul 2021

How to capitalise on the interest in financial wellbeing following the pandemic

The uncertainty caused by Covid-19 over the past 16 months has changed the financial status of many employees, with countless individuals now facing added financial burdens due to inconsistent work, furlough and heightened unemployment rates.

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In fact, according to research from Citizen’s Advice, six million people across the UK have reported falling behind on household bills because of coronavirus. Further research from the Office for National Statistics shows that approximately 5.3 million people in Great Britain are most concerned about the impact of coronavirus on their finances. 

As a result of this, more people are now aware of financial wellbeing as a concept, and understand the value of looking after their money and enhancing their financial literacy. From a business perspective, money worries can not only affect both the physical and mental health of your employees, but can also have a knock-on effect on levels of motivation, performance and engagement. It can even cause a rise in absenteeism. It’s therefore in your best interest as an employer to step up and provide financial wellbeing support to your team to build a happy and healthy workforce, and a thriving business. 

Here are some ways you can capitalise on the interest in financial wellbeing and support your employees' following the pandemic.

Break the stigma around money 

Money is often treated as a taboo subject and many people are very reluctant to talk about their financial situation, let alone reach out for help if they’re struggling. In fact, a recent YouGov survey commissioned by Paymentshield found that 41% of people rarely ask for financial advice when they need it.

With financial wellbeing currently such a prominent topic of conversation, your business has the opportunity to help break the stigma that surrounds money by making it a topic of conversation. 

A key way to do this is to actively encourage your employees to reach out to a member of your team if they’re worried about their finances or want to seek assistance. On top of that, you can simply start making financial wellbeing a focus of your internal communications. Discuss what it means and explain why it’s important to our overall health and wellbeing. Share useful statistics to get your employees’ thinking about their own financial wellbeing further.

By opening up a conversation with your employees about this important subject, your business will demonstrate that it cares about the financial wellbeing of its employees and that individuals should feel comfortable raising any challenges or concerns they’re having. This proactive approach will help prevent your employees’ problems from snowballing into something even more serious later down the line.

Offer financial education

Employers that offer a comprehensive level of workplace financial education to help employees manage their money typically have a workforce that’s more motivated, productive and less stressed. Financial education can be as simple as starting a conversation in the workplace and communicating what financial wellbeing resources are on offer to assist your employees on making financial decisions. There are various tools available to help support the financial wellbeing needs of your employees. Why not look into the different ways you can help them budget, save and do more with their money?

According to Citizens Advice, coronavirus has pushed many people into debt that will take them years to get out of. A debt management service can be a great way for employees to unload their worries and access free, confidential advice and tailored solutions from people who really understand how debt can affect wellbeing and livelihoods. Similarly, if your employees are anxious about saving for the future, it may be worth looking into a financial investments platform to help them find investment opportunities and ISAs suited to their personal goals. 

Expand your employee benefits offering 

With a heightened interest in financial wellbeing, now is a fantastic time to expand and enhance your employee benefits offering to provide valuable opportunities for your employees to save money on all kinds of spending, from food to fuel.

Shopping discounts are a really popular employee benefit because they help employees make their money go further through savings on all kinds of spending. From supermarket shopping to cinema trips, meals out, gifts, holidays and more, the discounts available through some providers are extensive and can make a big impact on employees’ finances month-on-month, year-on-year. 

The cost of travel is something we may often take for granted. But as many employees start to make the transition from remote working back to the office, the pressure of rising fuel prices and the cost of public transport could be causing a financial burden to your employees. There are a few ways you can help ease this transition, such as launching a fuel discount card which gives employees access to wholesale fuel prices at different fuel stations across the country. A salary-sacrifice car scheme is another valuable benefit which allows employees to use some of their salary before it’s taxed in exchange for the use of a brand new car, allowing them to make hundreds of pounds in savings each year.

Support in-work progression

Professional progression is really important to employees both personally and economically. It’s vital in demonstrating to them that they are a valued member of your business, and that you not only care about their financial wellbeing, but also their overall employee experience. As an employer you can support in-work progression and help your employees climb the job ladder by offering various training opportunities, as well as better internal progression prospects such as promotions and salary raises. 

Identifying the key barriers to progression may also help you better understand the reasons behind your employees' financial burdens. A report from the In-work Progression Commission identifies these obstacles as: the cost of learning new skills; caring responsibilities; and lack of confidence, particularly among women, older people and those from ethnic minority groups. Perhaps target those who you feel may be struggling and explain the tools and resources available to help them get ahead. 

Final thoughts

There are various ways you can support your employees’ financial wellbeing following the pandemic. Overcoming the stigma that surrounds financial wellbeing, money worries and debt is key to creating an open working environment. But on top of that, launching a financial wellbeing strategy and showing your employees that you care by providing training and promotional opportunities, as well as resources to help them save on their everyday spending, is a vital step towards overcoming these financial obstacles, and in turn, building a stronger, more resilient and engaged workforce. 

This article is provided by peoplevalue.

In partnership with peoplevalue – The Employee Engagement Company

We are a leading provider of employee reward&recognition, benefits delivery&wellbeing solutions.

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