It is clear that financial wellbeing needs to be prioritised in workplaces, especially in today’s economic climate. Due to the cost of living crisis including rising energy prices and general inflation, ensuring that financial wellbeing of employees is acknowledged is important in maximising employee productivity, morale, and performance.
So, without further ado, here are 5 of our recommended financial wellbeing initiatives that you should consider implementing within your workplace to secure the financial wellness of your employees.
- Financial wellbeing training
Providing your employees with adequate training on financial wellbeing is key to supporting them during the economic turbulence. Training programmes can help employees better understand how to manage and handle their money better, as well as inform them of how to successfully save money in the long term. Sessions on how to avoid impulse buying and how to properly budget according to their needs can truly be beneficial for employees who are struggling financially.
- Access to financial advisors
Outsourcing a financial advisor that is always on-call (during work hours) to help employees with any concerns or questions that they may have regarding their financial situation can truly improve the financial wellbeing of your employees. Not only can they receive sound advice from a professional, but any stress that they may be experiencing can be alleviated – according to a 2022 survey conducted by BrightPlan, 72% of US employees reported feeling stressed about their finances, which has ultimately impacted their workplace productivity. As a result, you can expect a boost in productivity when you implement ways to mitigate their financial stress.
- Insurance policies
Insurance can be a costly expense for some employees, so offering policies such as group income protection insurance, private healthcare insurance, or even something like pet insurance can tremendously support employees. They will certainly appreciate that you care about their financial wellbeing, regardless of whether that is simply in the form of a life insurance policy or a pet insurance policy. This can help both your employee and their family in the long run. Plus, it incentivises your employees to remain loyal to your company to reap the insurance benefits.
- Access to financial information and advice
Instead of having an on-call financial advisor, you could simply make access to financial information and advice easier for your employees. This could be in the form of a dedicated app or webpage that your employees can immediately access from their phone. Adding a forum or discussion section can also be beneficial for encouraging your employees to ask questions and discuss topics with their colleagues.
- Employee discounts and vouchers
A simple financial wellbeing initiative to consider is simply incorporating exclusive discounts, deals, and/or vouchers for retail shops. Having discounts for gym memberships or supermarkets can be useful for supporting employees with grocery shopping and keeping healthy. These could be instant discounts or rewards based on a performance or attendance system. For instance, good work performance can be rewarded with exclusive discounts. However, keep in mind that financial problems could be causing poor work performance, so this type of system may not always be the best for your employees.
