Helping staff to take control of their finances improves their own mental wellbeing and has massive benefits for your business.
According to the Money & Mental Health Institute, 46% of people with problem debt have a mental health condition and the CIPD have said that 19% of workers lose sleep over money worries, impacting their ability to concentrate at work.
So how can you help your employees out and why should you?
Benefits of good financial wellbeing
We all know how much better we feel when we aren't worrying about money or paying the bills. I've definitely had non-productive days in my career because I've been worrying about how I'm going to pay my next bill. It's not helpful and it's not healthy.
By supporting your employees' financial wellbeing, you can avoid:
Poor Staff Retention
People are more likely to stay where they feel safe and supported.
Recruitment Difficulties
A high quality wellbeing and benefits strategy can attract those dreamy employees you're chasing after.
High Absence Levels
We are well aware of the impact that stress and anxiety can have on your workforce and subsequently, your business. By eliminating money worries for your staff, you can help to reduce their stress levels.
Low Productivity
Worrying, lack of sleep and lack of appetite can impact people's ability to concentrate and do their best work. That's not what we want!
Where do I start?
The key to implementing any kind of benefit or wellbeing initiative in your business is to understand what your employees need and want. This can be achieved through conversations, surveys, feedback forms, market research or perhaps your team have openly told you about things they are struggling with in their life. By doing this research, you can ensure that you implement a benefit strategy that actually resonates with your people.
It may be that your staff need help with budgeting; not everyone knows where to start with this sort of thing. It might be that employees are worried about retirement and need help organising their pensions. Maybe they are just struggling with the overall cost of living! Whatever their struggles are, make sure you implement a solution to those struggles.
Then what?
You have to take the lead in developing a culture in your business that supports financial wellbeing. You can achieve this by ensuring you are paying competitive and fair salaries. Do a pay audit every year or so to make sure there are no discrepancies in pay rates.
You can also provide your employees with access to a financial wellbeing online portal such as that provided by our new partner Live It Equestrian Exclusives. With access to thousands of discounts at high street and lifestyle specific retailers in the equestrian industry, your employees can get cash back and savings on their weekly food shop as well as gym memberships, holidays, gifts and their horsey related purchases! Plus platforms like Live It sign post employees who are having financial difficulties to support and guidance from professionals.
You don't have to pay for financial advisors to sit in your canteen (although that's a great idea to promote financial wellbeing) simply signposting employees to where they can access support is a great way to help your people.
Elite Clients are lucky enough to have this benefit included in their support plan, however it's available to everyone for as little as £5 per person per month. It's a no brainer!