Top wellbeing tips to help build employees’ resilience
Supporting employees' financial and mental wellbeing is crucial, especially given the rising cost of living.
Financial and mental health are intrinsically linked, as Pluxee UK explores in its blog, Creating a brighter tomorrow... financial wellbeing and mental wealth.
Financial anxiety and poor financial wellbeing cost UK employers £10.3 billion annually - a £4.1 billion increase from 2021 data.
Pluxee UK’s Money Mastery research found that 62% of employees experiencing financial worries believe they are less productive, and 35% are more likely to take sick leave than they were before they were experiencing poor financial wellbeing.
Helping employees become mentally and financially resilient protects your people and your bottom line.
Here are some top tips to help provide ongoing support and build resilience among employees:
Financial wellbeing support
Financial wellbeing goes beyond money-stretching benefits. It begins with education and encompasses all areas of an employee’s life, including what happens when they leave employment.
Financial education programs
- Workshops and seminars: Organise budgeting, debt management, and investing sessions.
- Online resources: Provide access to financial literacy resources like articles, webinars, and tools.
Financial planning services
- Access to advisors: Offer consultations with financial advisors to help employees create and manage financial plans.
- Retirement planning: Provide resources and support for retirement planning, including matching contributions to retirement accounts.
Salary and benefits review
- Competitive pay: Regularly review and adjust salaries to ensure they remain competitive and reflect the cost of living.
- Flexible benefits: Offer flexible benefits packages, allowing employees to choose what best suits their needs.
- Emergency funds: Use the salary deduct arrangement to help employees set money aside to build a nest egg for the future.
- Employee discount platforms: Provide access to discounts on essentials like groceries, transportation, and services.
- Employee cashback schemes: A prepaid cashback-earning card allows employees to earn cashback on everyday and high-end purchases, making household budgets work harder.
Debt management support
- Loan consolidation schemes: Offer low-interest loans or salary advances for employees facing financial difficulties.
Mental wellbeing support
Enhancing mental resilience takes a cultural shift, removing the stigma and barriers to seeking help.
Pluxee UK has published two podcasts to help employers and HR professionals enhance employee mental wellbeing. Watch or listen to Episode Two: Breaking Down the Barriers to Affordable Mental Health Support and Episode Four: Your Employee Mental Health Toolkit.
1. Employee assistance programmes (EAPs)
- Counselling services: Provide access to confidential counselling services and a wealth of resources through EAPs.
- Mental health days: Allow employees to take mental health days without stigma.
2. Work-life balance
- Flexible work arrangements: Offer options for remote work, flexible hours, and compressed work weeks.
- Encourage time off: Promote the use of annual leave and ensure workloads allow for regular breaks.
3. Mental health awareness
- Train mental health first aiders (MHFAs): MHFAs offer peer-to-peer support, recognising the signs of mental ill-health and signposting colleagues towards relevant support.
- A culture of openness: Foster an environment where discussing mental health is encouraged and supported.
4. Wellness programs
- Physical health initiatives: Implement programs that promote physical health, such as fitness challenges, gym memberships, and healthy eating initiatives.
- Mindfulness and relaxation: Offer classes on mindfulness, meditation, yoga, and other relaxation techniques.
5. Community building
- Social activities: Organise team-building activities and social events to strengthen community and support networks within the workplace.
- Peer support groups: Facilitate peer support groups where employees can share experiences and coping strategies.
- Volunteer days: Volunteer days provide an impactful employee benefit, boosting employee wellbeing and engagement. People love to give back, and the feel-good factor boosts mental and emotional wellbeing.
It pays to nurture financial resilience. By implementing these strategies, employers can create a supportive environment that helps employees manage financial pressures and maintain their mental health, ultimately leading to a more resilient and productive workforce.
In partnership with Pluxee UK
Pluxee UK, is a leading employee benefits and engagement partner that opens up a world of opportunities to help people enjoy more of what really matters in their lives.
