The New Year is almost here...
Here's how any why you should be looking after your teams' financial wellbeing at work
The New Year is a time many reflect on the year before and what they want from the year ahead. This could mean making goals or resolutions or taking on a new challenge, whether that’s looking for a role, improving our fitness, or trying to save more and spend less.
This time of year is also when your employees might be struggling financially, between extra spends on Christmas treats and presents and a long time between paychecks, plus the rising costs of energy, food and fuel.
With 89% of larger UK businesses impacted by poor employee financial wellbeing, here’s how and why you should be supporting your teams (Close Brothers)...
Why you should be looking after your employees’ financial wellbeing
As an employer it’s not just the right thing to look after your staff’s wellbeing, it can have a business impact too. According to Octopus Money Coach, 75% of employees struggle to focus due to money worries, which means their productivity at work could be impacted.
Plus, with many employees considering career moves in the New Year, supporting your teams’ wellbeing can help boost engagement and importantly retention, so you don’t lose your top talent.
Here’s how you can support your teams:
5 Ways You Can Look After Your Employees’ Financial Wellbeing at Work:
1. Offer Financial Education and Support:
According to Octopus Money Coach, 83% of people thought about money at least every week but 8% had no one to talk about it. By offering an Employee Assistance Programme, it gives your employees access to free, confidential support through counselling by BACP-accredited counsellors face-to-face, online, over the phone or email.
2. Help them save on everyday spending:
There are many ways you can help your teams’ salaries stretch further, from online cashback to corporate gym memberships. Here’s just a few ways you can help:
- Cashback: Whether it’s online cashback or a Visa prepaid card you can help your teams save money when they’re shopping in store or online.
- eVouchers and Gift Cards: From instant savings on food shopping to clothes or family activities, there’s something for everyone!
- Corporate gym memberships: The New Year is a time when many plan to get more active, you could help your employees save up 25% on annual gym memberships.
- Salary Deduct Schemes: From Cycle To Work to Affordable Tech, you can improve your employees’ ability to afford products by paying for them from their pay checks.
3. Don’t forget to communicate about your relevant benefits:
Just having a range of employee benefits that can support financial wellbeing isn’t enough, you need to make sure your teams know about them. As well as talking to them about what benefits you have on offer, give them advice on how to make the most of them.
Try to tailor your communications to focus on your employees' different life stages, for example your younger employees might be looking to save up to move out of their parents or for their own home, whereas slightly older team members might be looking at starting a family.
4. Normalise conversations about money at work
Talking about money isn’t always easy, potentially due to stigmas surrounding issues like debt and financial wellbeing and related issues like mental health and absence from work.
But, talking about money in our everyday lives can actually help us build up financial confidence and resilience, which in turn can help with our financial wellbeing.
Encourage your senior leaders to be open about any money worries they might have confronted to help normalise conversations about finances amongst your team members.
5. Offer advice to help them start the New Year
To help support your teams with their financial wellbeing, here are just a few ways you can do so:
- Help them budget by giving them advice on the best ways to save
- Encourage them to take time out to look at their finances, whether it’s weekly, monthly or at the very least annually. This can help them feel more in control over their money.
- Suggest good money habits they can develop including saving small amounts, but regularly, checking their bank statements every month and ensuring they’re always looking for the best deals when shopping.
How Sodexo's employee experience solutions can help:
We know it isn't always easy to know how to offer a financial wellbeing programme that benefits all employees. If you want to learn more about the ways you can support your employees' health and wellbeing, why not get in touch with our experts today? They can help guide you through the solutions and plans you can put in place to help your staff.