Boost Productivity with Financial Wellbeing Benefits
20 June 2023
Discover how financial wellbeing benefits can boost engagement and productivity.
“Employee financial well-being, as a state of both emotional and physical well-being, produced by a set of conditions and abilities. It includes making the most of an adequate income to enjoy a reasonable quality of life and having the skills and capabilities to manage money well, both on a daily basis and for the future.” (CIPD)
This definition of end-to-end financial wellbeing includes giving employees the tools and education they need to manage their money better and the opportunity to stretch their salaries further so they can get as much from their lives as possible - leading to better mental health.
After all, when employees are happy and healthy, they’re more engaged and productive.
One in ten adults feels hopeless about their financial situation, causing an increase in people suffering from financial anxiety. That's 10% of your workforce, so in a business of 250 employees, 25 of them are coming to work with money-related anxiety.
Anxiety is a productivity killer. Employees cannot be at their best and maintain a high level of performance when they’re focusing on money worries. It stands to reason that supporting employees with a holistic range of financial wellbeing benefits will relieve their anxieties, boosting performance and productivity.
Your Financial Wellbeing offering
When employees have financial concerns, it impacts their mental and physical health. Whether they push through and work or need to take a leave of absence, productivity, and therefore business profitability, is reduced.
The rising cost of living is impacting your employees’ quality of life, health and resilience. Taking steps to support them is essential to protecting your business’s bottom line.
Life has become more expensive, and your employees are making cuts to afford their daily essentials, impacting their emotional health.
What if you could help your employees afford more of the things they love with an Employee Discounts Platform? Stretch wages further with our exclusive money-saving deals on everything! From the weekly shop to tech, holidays and even the cleanest and greenest cars on the market.
Who doesn’t like to earn while spending? Our Employee Cashback Card does just that. Made from recycled PVC, our Spree offering supports your employees’ entire households. Powered by Visa, it allows employees to earn up to 15% cashback in-store and online at over 80 participating retailers.
As one of the easiest and most popular ways to help ease the burden of the rising cost of living, it’s no wonder our Pluxee Card is embedded into so many businesses.
Financial Wellbeing App
There will undoubtedly be situations when an employee’s salary cannot be stretched far enough. Life is great at throwing the unexpected our way, whether in the form of a broken boiler, a clunky clutch, or a last-minute celebration.
Our Financial Wellbeing App is ideal for these occasions, allowing employees to access wage withdrawals ahead of payday, track their earnings as they work, build up savings direct from their pay, chat with qualified financial coaches, check their financial health score, and more - all in one app, with no change to payroll.
30% of adults have reported that meeting mortgage, loan repayments and monthly rent has been difficult during the cost-of-living crisis.
Those unable to meet essential payments are more at risk of entering debt.
Debt is a cycle, and one often leads to another. When debt is most dangerous, people risk being buried by multiple creditors chasing them for payments. Debt consolidation by Salary Finance helps your people combine their debts into one manageable payment, often with substantially less interest than high-street lenders. It minimises money worries, makes everything easier to cope with, and helps people pay off debts quicker.
Reward & Recognition
When it comes to employee financial wellbeing, you can use your reward strategy as more than a thank you – providing meaningful financial support. Businesses need to get creative, using their reward and recognition strategy to boost employees’ financial wellbeing by making cash bonuses work even harder.
Reward and recognition initiatives are essential to a successful HR strategy, boosting employee engagement, productivity, and motivation.
Spree doubles as a Recognition Prepaid Card, allowing employers to pay rewards and bonuses directly to the employee via their card. If only using Spree for rewards, it’s possible to remove the cashback-earning function. However, in the current climate, why wouldn’t you allow employees to stretch their rewards as far as possible?
Prefer to send an eVoucher ?
They make great employee rewards and can be instantly delivered to your employees’ inboxes. As a digital solution, they’re eco-friendly too. With over 80 brands to choose from, our eVouchers can be spent either online or in-store. Your employees are free to spend their vouchers on the weekly shop, helping to ease their financial burden, or on something that will bring them more joy.
There are advantages to going digital with your rewards, but sometimes, employers want to hand their gift over.
This is where voucher cheques come in!
The process is simple: you design exactly what you want to fit your brand and set an amount, then your employees go online to choose a reward of their choice - meaning they get their hands on something they really want from a huge choice of brands and retailers!
Education & Empowement
One of the key strategies to implement when aiming to enhance financial wellbeing and boost productivity is financial education for your employees. Not only does it help them better manage their finances, but it also motivates them to make better spending decisions, such as shopping with their cashback-earning Spree card or purchasing discounted vouchers before reaching the checkout.
Arrange a call with one of our wellbeing experts today to support the financial wellbeing of your people in the workplace and beyond.