White paper: Building the business case for employee financial wellbeing

This paper considers how organisations can build the business case for employee financial wellbeing. Part of the Institute of Employment Studies’ (IES) Perspectives on HR 2018 series, the paper highlights that despite growing interest in employee financial wellbeing, few organisations are yet to make headway in providing support to their employees.

Key findings

• Generally there was a lack of understanding of the current state of employees’ financial wellbeing; with engagement or reward surveys not covering this area.
• For key stakeholders to understand and value the need to support employee financial wellbeing, the business case must be specific to the organisational context.
• While the HR departments surveyed saw the value of a strategic approach to employee wellbeing that included financial aspects, the research highlighted that specific and focused initiatives eg pension sessions or access to independent financial advisers (IFAs), seemed to be better supported and valued.
• The paper found that carrying out an audit of all relevant activity could highlight existing financial wellbeing support (eg various financial or wellbeing benefits; an Employee Assistance Programme that offers debt counselling etc) that require repackaging and communication under an employee financial wellbeing umbrella.

This paper reflects on a recent Money Advice Service-funded study conducted by IES, which trialled employee financial wellbeing guidance developed by IES on behalf of the Chartered Institute of Personnel and Development.