Is your financial wellbeing strategy still meeting your workforce’s needs?
It’s no secret that finding and retaining top talent is getting more competitive. To combat this, it’s vital your organisation stays on top of its benefits strategy to ensure it is effective and meaningful.
It might sound cliché, but money really does influence every part of our lives. Positive financial wellbeing can help employees to thrive, not only in the workplace, but in their personal lives too.
With this in mind, the UK’s workforce is looking for support. According to Neyber’s DNA of Financial Wellbeing (2018) report, 70 per cent of employees under 34 said they would welcome more support from their workplace. Therefore it’s a good idea to ensure your financial wellbeing strategy is successful by asking yourself and your team a few key questions.
Are you taking into account the age of your employees?
Financial worries can affect every age group. However, there are so many ways to support employees of different ages who will be encountering different life events.
According to Neyber’s research, 61 per cent of employees aged 18–24 said they would benefit from learning how to manage their money better. As employees reach their 30s, they may opt for childcare vouchers or car lease schemes. Older employees over the age of 50 are more likely to be concerned with later life, meaning they’ll be more likely to choose schemes such as private medical insurance and health cash plans.
Are you communicating with your employees about financial wellbeing?
Got a great financial wellbeing strategy? Shout about it! By communicating with your employees about the great benefits you have to offer, you can help to have a positive impact on their life.
Employees will benefit from knowing that your HR team is approachable, friendly and open to talking about financial concerns. According to Neyber’s report, 55 per cent of employees said they’d like to receive help with financial wellbeing through face-to-face chat.
As well as newsletters, posters and leaflets – you could also enlist the help of a digital platform. This means financial wellbeing schemes can be tailored to your organisation, can be easily promoted and made more accessible.
Are your benefits schemes personalised?
Offering benefits as part of your financial wellbeing strategy is a great way to let your employees know you’ve got their back if things go wrong, but financial wellbeing is never one-size-fits-all.
To offer a more valuable and personalised experience, employee suggestions and different financial needs can be incorporated into the strategy. Digital employee benefits platforms could also improve the experience of accessing benefits by offering schemes tailored to suit the individual.
Financial wellbeing is hugely important to the lives of your employees. By regularly reviewing your strategy and making sure it takes everyone’s needs into account, you can equip your employees with the tools to combat financial concerns and boost their workplace engagement and productivity.
This article was provided by Busy Bees Benefits.
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