Between accelerating inflation rates, astronomic energy bills and the cost-of-living crisis, the finances of the British workforce are undoubtedly going through the mill. These challenging and uncertain conditions have done significant damage, with more employees than ever expressing their financial woes to their managers this year, Mintago’s recent research indicates.
The consequences of this for employees and employers alike must not be underestimated. Employees may find their financial struggles negatively impacting their mental and physical health, while businesses could see their output affected by weakened job performances as a result. It therefore becomes imperative for all involved parties that employers take steps to ensure employees have access to the financial wellbeing support they require.
Targeting financial wellbeing support
The key to providing financial wellbeing resources that make a difference is ensuring it is relevant. It is essential for employers to recognise that they can’t approach financial wellbeing support with a one-size-fits-all approach, therefore, they have to avoid making assumptions about their staff member’s financial or personal circumstances.
Instead, employers need to determine the unique needs of each employee to determine the kind of support they receive. Therefore, employers should start a conversation with employees to determine their unique financial needs. Organising private discussions between HR personnel and employees is a joint opportunity for staff members to lessen the burden of their financial anxieties simply by sharing them out loud and for employers to gain insight into their individual monetary situation. For businesses where this may be logistically difficult to carry out, a great alternative would be to distribute an online questionnaire to each employee and examine those findings.
With the information gathered in mind, employers can more easily tailor their financial wellbeing support for each individual employee. Additionally, they can spot whether there are gaps in staffs’ financial literacy and distribute relevant information to help fill those gaps. Regarding employee satisfaction and retention, customised financial support is fantastic for delivering both, as staff are more likely to feel appreciated when their financial needs have been acknowledged by their employer.
Online financial wellbeing platforms may help
One of the greatest financial concerns of many employees is simply keeping track. From pensions and investments to bills and short-term savings pots, the average employee has many plates spinning at once. Online platforms hold the solution, displaying an overview of an employee’s finances all on one dashboard while also providing pension tracing tools savings benefits and educational resources. Employees are subsequently well-equipped to plan their financial future, having gained a clear understanding of their current situation. Through these platforms they can also get bespoke financial advice from expert financial advisors and coaches, which may be difficult to access in if it weren’t provided in the workplace.
As the economic climate grows increasingly difficult, its more and more important that employers take action to ensure their employees’ financial wellbeing and future is as secure as possible. Employees are individuals with unique financial circumstances, and the path to success in providing financial wellbeing support is listening to their concerns and then supplying tailored, thoughtful support.