More and more employers are recognising the importance of supporting their employees’ financial wellbeing.
We know that poor financial wellbeing can make it hard for people to focus at work. Studies by the CIPD show that 28% of employees say money worries have affected their work performance, including their ability to concentrate or make decisions.
When you invest in a financial wellbeing programme, it could make a big difference to both your people and your business.
That’s because employees who feel in control of their finances are more likely to feel less stressed and distracted, and more focussed at work. A financial wellbeing strategy could boost performance and productivity, reduce staff absence and associated costs, and even help you retain and attract the best talent.
Helping you kick-start your financial wellbeing programme
If you’re looking to introduce a financial wellbeing programme into your own business, we’re here to help.
We’ve created a video guide that takes you through the process of getting your strategy off the ground. From understanding the benefits of having a financially-well workforce to guidance on how to future-proof your strategy, our video walkthrough explains it all in three simple steps.
Step 1: Evaluate employee needs
Financial unwellness can affect everyone differently depending on their life stage or financial situation.
So it’s a good idea to get feedback to understand your employees’ needs. This can help you build a tailored financial wellbeing programme that’s targeted to their challenges and goals.
Step 2: Define your objectives
Use the insights from your employee feedback to develop a roadmap of your financial wellbeing programme.
Next, define what you want your programme to accomplish by setting clear objectives. Nailing these down will help you measure success.
Step 3: Measure and evolve your programme
Creating a financial wellbeing programme isn’t a one-off task. It’s likely you’ll need to evolve it over time to meet the changing needs of your employees as they navigate different life stages.
So remember to continuously measure performance to check that your strategy is on track.