In our latest guest blog, founder of MoneyMinded and Health@Work financial wellbeing affiliate Emma Waller assesses the various ways that organisations can develop and execute a successful financial wellbeing strategy that supports not only their employees, but their business’ goals too.
While many of us still perceive topics of a financial nature – ‘talking about money’ – to be inappropriate for the workplace, today’s world is thankfully becoming increasingly open to such important conversations. In fact, research by the CIPD has even identified that financial wellbeing is gaining traction as a workplace wellbeing topic, with 56% of workplaces promoting good financial wellbeing as part of their wellbeing activities – up from 44% in 2022.
This is good news for employers, as the workplace can provide a fantastic opportunity to support your staff in terms of their financial wellness. Implementing an effective financial wellbeing strategy ensures that your employees and their families feel more in control of their finances, in turn meaning that staff are less stressed about money – leading to an overall more positive impact on health, relationships and work.
Assessing real employee wellbeing needs
However, there is often a disconnect between what employers perceive to be financial wellbeing and the actual needs and financial priorities of their employees. Admitting financial hardship in the workplace often carries stigma and shame, so it’s no wonder that employees are often unwilling to share their financial experiences.
So, if this is the case, how do employers get to the crux of the issue?
1. Decide what the organisation needs
Our financial wellbeing needs change at different milestones in our lives. Look at your employee demographics and establish where they are on their financial journey – perhaps they are looking to buy property for the first time, or are maybe considering retirement. Remember too to avoid assumptions! I’ve often heard employers say, “My team are young, so they don’t need…” or “They’re all 45+, so are pretty good with money.” There are many different factors that can influence our financial state at any given time.
In fact, factors like age, income and gender can all affect financial health; meaning that you can almost guarantee a one-off wellbeing event won’t be sufficient! Economic factors like the cost of living crisis and changes in the workplace can also bring about financial stress, so the ability to adapt your wellbeing provision during times of change will also help to meet your organisation’s financial wellbeing needs.
2. Make sure it’s what your employees need
It’s common for employers to underestimate the impact money worries have on an employee’s performance. In the Close Brothers Financial Wellbeing Index, 30% of employers thought money worries were a major issue – when in reality, it affected 77% of employees. Listen, discuss, and review your provision with employees to ensure that their financial wellbeing needs are being met. Also look for triggers – are there increased requests for salary advances, or increased referrals to your Employee Assistance Programme?
3. Remind your employees of available support
You don’t need a weekly webinar, but keeping financial wellbeing high on your agenda helps to increase engagement with your strategy. Including money management tips in your internal communications, sharing details of local money guidance networks, or establishing informal workplace wellbeing champions are other ways to embed a strategy and improve employee engagement.
4. Reach out
Investing in expert financial wellbeing support can make a difference if you’re committing to financial wellbeing improvements. Ensure that whoever you work with can provide a range of support for a holistic workplace approach, such as:
- Diagnostic tools – These can help you to identify financial wellbeing needs throughout your organisation, such as surveys or quizzes.
- Effective interactions – Work with a partner who understands people’s behaviour around money. Thoughtful communication will encourage positive, informed decision making that everyone in the organisation can access.
- Tailored programmes – Look also for partners who can provide different types of programmes, such as face-to-face workshops, webinars, email updates, coaching, strategic support and understand how these can link to employee benefits and rewards.
- Evaluation – Accessing a programme that can determine impact and a return on investment will provide great analysis for your organisation and identify future wellbeing needs.
Have you checked out our Money Matters – Financial Wellbeing Training course yet? Run by Martin Lewis co-author and financial education expert Emma Waller, this course is designed to offer an in-depth insight into the how’s, why’s, and what’s of everyday financial wellbeing for your employees. Find out more here.
