21 Sep Financial wellbeing tips for employers to support employees
It’s sadly no secret that financial worries are on the rise. Lowering the utility and petrol price hikes, inflation or other costs of living isn’t something many of us have a say in.
However, the good news is as employers there are plenty of things, we can be doing to help to help our employees and support positive financial wellbeing.
We all know that money issues can have an overwhelming impact on our mental, physical and emotional health, because of course, it isn’t just about how we look after our finances, but how we can manage them and feel.
Here are top financial wellbeing tips for employers to support employees:
- Explore cost-effective support. Obviously, it’s not always feasible, however investigate what support you can provide at low/no cost to yourself. For example, more home-based working to reduce petrol costs or a food hamper at Christmas.
- Provide wellbeing sessions. For example, yoga, fitness classes, step challenges or Pilates to employees in the office or at home, to help employees cut or cancel gym costs.
- Money -specific benefits: There are lots of benefits out there which support the financial health of employees, for example Health Cash Care plans. These platforms allow access to discounts on weekly shops and gym memberships, to money back from opticians’ appointments.
- Offer regular wellness check ins. This promotes a culture where employees can discuss their money worries openly, without fear that it’s a ‘taboo’ conversation.
- Provide professional financial education resources. Providing your employees with professional financial advice on money matters as part of your benefits package, i.e. by offering them access to a financial advisor.
- Salary sacrifice schemes. Salary sacrifice schemes that allow employees to pay for things through their company payroll to reduce the amount of tax paid can help them to save money. Generally pension contributions are paid this way but can also include payments for transport such as company cars, bikes, and bus passes, and even mobile phones, gym passes and health and dental care.
- Communication is King: Communicate what financial benefits you offer to your employees making sure that the information provided is up-to-date and relevant. No matter how good the financial wellbeing support is that you have in place, if it is not well communicated and understood then it’s likely that it will be overlooked by employees.