Tackling a new era of financial wellbeing
Financial wellbeing in the workplace is shifting, driven by social and economic factors, changing working habits and employees’ increasingly diverse needs.
The cost-of-living crisis exposed financial fragilities that employees of different ages and income levels face in their day-to-day lives. An ageing workforce and shifts in the way we choose to retire are changing our approach to long-term financial planning. Buying property later in life, the rising financial costs of parenting, increased rates of chronic illness in the workplace, and many other factors are influencing the way that employees plan financially and save for the future.
Working models are also changing. For example, hybrid working is here to stay for many employers and employees, affecting the types of financial benefits that people value, and how they manage their money.
Not everyone in the workforce will have the same financial needs and priorities, even if they are the same age, or at the same point in their career.
All this means that employers need to prepare for a new era of financial wellbeing. This practical guide explores how to create and deliver inclusive financial wellbeing benefits and support that will meet the varied and changing needs of the whole workforce. That might also include revisiting benefits to make sure they are still fit for purpose in changing circumstances. It covers:
- The process of identifying what you already offer and how that matches employees’ current needs
- How to decide if current benefits remain appropriate for your workforce
- Ways to evolve your strategy, the practicalities involved in putting planning into action, and how to measure success.
As employees’ financial wellbeing needs continue to evolve, so must employers’ strategies. This practical guide will support you to create and deliver an inclusive financial wellbeing strategy for a varied workforce.
