Employee financial wellbeing is increasingly becoming a focus for many businesses. According to a recent study by Aegon, 30% of employees surveyed stated they were just getting by financially, while more than a third didn’t think they were in a position to cope with a major unexpected expense. Financial problems at home can affect an employee’s productivity and overall performance, so how can your business help those who may be in need?
How to help your employees
Although businesses have no legal obligation to help, many employees and future members of staff are beginning to look at what an organisation can offer them in return, including potential help and/or advice where their finances are concerned. The latest Health & Wellbeing at Work report from CIPD found that a quarter of those surveyed believe that poor financial wellbeing is a significant cause of employee stress in their organisation.
Financial education
Providing some form of financial education in the workplace could be a solution to employees’ money worries. This could be in monthly or quarterly 1-2-1 meetings or an open chat to see if there are any issues in the background. Employees who feel that their employer cares about their wellbeing, will in turn remain in the company for longer, which is good for your company recruitment costs overall.
Debt consolidation
Debt consolidation products can be an effective method in helping people manage their debt and start becoming more financially organised. Some organisations are looking to offer debt consolidation products to their employees as a way to enable them to clear monies owed in an easier and more efficient way. This could ease pressure employees put on themselves when worrying about multiple credit card and store card debt and can help to offer them a light at the end of an otherwise bleak tunnel.
Financial advisor
Why not consider hiring an internal financial advisor either on a full or part time basis? It may be that you don’t need someone full time or that you could potentially bring in a contractor, but giving your members of staff the option and ability to speak to a professional could offer them peace of mind and really give them the help they need.
Helping your employees should be a top priority
Whichever way you choose to help those who work for your business, ensuring they have access to financial help can save your business money on recruitment costs, mean a higher retention rate of employees and help those who really do need to improve their overall financial fitness.