How financial inclusivity can support employees' potential
By addressing financial inequities, offering tailored support for diverse financial needs and promoting overall financial health, employers can create an environment where all employees – regardless of background, gender, ethnicity or socioeconomic status – feel supported and empowered to succeed.
Supporting employees with equal opportunities is seen as more important than ever in ensuring that all workers can achieve their full potential.
Employers point to a growing trend for businesses to offer all parents, regardless of gender, paid leave to care for their child.
This sets a precedent for more equal sharing of childcare in the future and helps to minimise the number of women who drop out of the workforce or fail to progress their careers.
More businesses also recognise the need to support women during menopause. Research by the Chartered Institute of Personnel and Development (CIPD), Menopause in the Workplace: Employee Experiences in 2023, found that one in six people (17%) have considered leaving work because of a lack of support in relation to their menopause symptoms, and more than one in 20 (6%) have left work.
We need to be mindful that pensions communication works for all groups from an inclusivity perspective, whatever their needs, background, age or gender.
Creating a culture that encourages employees to talk about health conditions, offering flexible working arrangements and employer-financed medical benefits can all make a significant difference.
Financial wellbeing programmes should also take account of the ethnicity pay and pensions gap. Financial wellness initiatives that include equitable pay, budgeting support and investment education can help narrow these discrepancies, fostering a more inclusive workplace.
At the same time, employees from lower-income backgrounds may face unique financial challenges, including debt, lack of emergency savings, or limited access to financial resources. Offering programmes that provide financial education, savings plans and assistance with debt management can help level the playing field for employees from diverse socioeconomic backgrounds.
