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20 Mar 2020

How to understand and meet employees' digital expectations for financial wellbeing

Understanding the needs of a diverse multi-generational workforce can be challenging.  How do you engage with what can sometimes be an age spread of up to 60 years, and what are the best ways of communicating?

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There’s no doubt that digital is the quickest and often the most cost-effective option to utilise, especially when compared with postal and face-to-face. However, they all have their place in a well-rounded engagement and communication strategy to support financial wellbeing.

With the advances in technology over the past decade, we are seeing more and more digital solutions entering the market such as money management apps, auto-switching solutions and payment providers that can provide support for employees’ money management. These can really help those who need extra support or help to change negative behaviours. 

One of the main questions organisations struggle with is where the lines of responsibility should be. How far should the employer go to provide support and what support would add the most value?

How data can help

This is where data analytics comes in and can really help to ensure that you do the right thing for your unique workforce.  How can data help? By utilising the data you already have about your employees, combined with external sources of information such as ONS household spending data, you can build up a picture of the financial health of your workforce and you can then spot any issues or trends. This could be a spike in sickness in a certain population close to payday, a lack of engagement with protection benefits for a particular age group, or a need to boost savings to help employees cope with unexpected events.

Once you have identified the areas of support and information that your workforce needs, you can then look to embed the right support, information and guidance within your strategy. This is usually a multi-faceted approach and could combine face-to-face workshops and/or 1-2-1s; online information and education; digital tools and digital communication nudges.

The right digital tools

Digital tools can help support financial planning for the short, medium and longer-term, as well as everyday money management. They can help build knowledge to enable employees to make smart and well-informed decisions about their finances. Many people can feel uncomfortable opening up to a person when they are worried about something, so digital support can be a really good starting point.

Financial wellbeing certainly isn’t a quick tick box exercise with a single product seemingly ‘solving’ the issues. This is about providing a supportive environment and culture where people can gain ongoing access to the support and information they need, when and where they need it.

This article is provided by LCP.

In partnership with LCP

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