Over the past two years, we have seen an increasing number of corporates turning attention to employee wellbeing. Reassuringly, there is a greater tendency toward long term sustainable wellbeing strategies, moving away from the traditional annual wellbeing week. Most organisations we meet offer their employees a diverse range of talks, supports such as EAP, and fitness programmes. However, a truly holistic wellness programme needs to go one step further to include financial wellbeing supports. According to the findings of a 2016 Financial Wellness Survey, “finances play a leading role in elevating stress levels for 52% of employees”. Hence there is a significant need to incorporate financial wellness initiatives to help employees manage debt, reduce stress and live happier lives.
Here are five services you can consider for your financial wellness programme.
- Literature and free supports: make sure there is literature available for all to access. Services such as MABS offer free advice for people managing debt and offer a free helpline. Keep this information visible throughout the year.
- Seminars: talks and seminars are a great way to educate a large audience. There is a myriad of experts who can give high level advice around budgeting and saving. Given the sensitive nature of money and debt these talks should be skills based and offer something for those who may not be in debt as well as those who are.
- 1 to 1 consultation: consultations provide a unique opportunity for individuals to discuss their personal money challenges. Advisors will be in a position to help identify upcoming expenses and put a plan in place to ensure future financial goals are achieved.
- Offer discounts: any opportunity where you can help your workforce to reduce their everyday cost of living will contribute toward less stress and an overall happier workforce. Employee discount platforms will help individuals save on everything from grocery shopping, to fuel and holidays to family excursions to the cinema.
- Pensions: planning for future financial security can help reduce money worries, however in recent years there has been a concerning downward trend in the number of adults with private pensions and for most people, the state pension alone will not suffice. Offering pension contributions is vital and ensuring employees understand where their money is going, potential return, and risks will alleviate concerns and increase the numbers of people availing of this benefit.
Financial wellness programmes should be designed to demystify the world of financial planning and equip individuals with the knowledge and skills to manage debt and save for the future.
Author: Peter Jenkinson, CEO @ Wrkit
Wrkit specialise in the creation of better, healthier working environments. Our platform connects global, remote and local teams through five modules; Surveys, Recognition, POWR, Learning and Savings. Speak to an Engagement Specialist today – info@wrkit.com