Last year, 2017, was the year of employee wellness, with more company leaders embracing the concept in pursuit of higher levels of productivity, staff retention and increased profits. However, while physical and mental wellbeing are becoming a key business focus, financial wellness should also be a priority.
Recent CIPD research revealed one in four workers believe money worries have affected their ability to do their job. One in ten say they found it hard to concentrate or make decisions at work and 19 percent lost sleep worrying about money.
Considering such findings, it’s clear money worries may be costing your employees more than just interest.
It’s fundamental employers provide support for those whose financial insecurity is impacting their health and workplace performance. So how can businesses implement employee financial wellness effectively into their business and HR strategies?
Personalise your programme
A study from Thomsons has shown UK businesses offering education and a broader range of financial products have seen a 22 percent increase in employee engagement and over twice the effectiveness of their benefits programme than those that don’t.
Businesses can offer financially-focused employee benefits, like Income Protection, Critical Illness and Life Insurance, which provide financial security should a worker encounter the unexpected. These should be considered the foundations in financial benefits for employees.
Some organisations are also meeting the diverse needs of today’s workforce by providing a tailored suite of benefits on top of their core offerings, enabling staff to take advantage of those that make sense for them at different life stages.
For example, research from PwC’s 2016 Employee Financial Wellness Survey showed 64 percent of Millennials were stressed about their finances. To help support these rising financial concerns, businesses could provide student loan repayment assistance as part of their benefits programme.
Read more: https://minutehack.com/opinions/4-financial-paths-to-enhance-employee-mental-wellbeing