As our Financial Wellbeing Week, in association with Wealth at Work, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.
Many employers recognise that financial stress can have a significant impact on an individual’s mental and physical health, which, in turn, can lead to reduced employee engagement and performance. It therefore makes good business sense for organisations to invest in financial wellbeing initiatives and to ensure they have a strategy in place to support staff with any related issues.
However, some employers are failing to implement financial wellbeing strategies because they believe staff do not want or need them. Ultimately, until these strategies are on the agenda at board level and are closely monitored, any benefits paid for by employers will not be effective in helping staff with their financial issues, so it is in their interest to do so.
There are numerous ways that businesses can help staff manage their finances. From providing financial education, to offering pensions and workplace loans, research has consistently shown that employees appreciate assistance with their financial planning.
Whatever stage you are at and however you implement strategies in your organisation, Financial Wellbeing Week was designed to help you take this to the next level through exclusive insights and opinions uncovering best practice in this area. These included:
- Beyond the money: Using creative means to address financial stress
- Camden Town Brewery offers flexibility around pay to support employee financial wellbeing
- Catherine Rickard: How can flexible working impact employees’ financial wellbeing?
- How to measure the return on investment of financial wellbeing strategies
- Carlsberg uses staff feedback to gauge success of financial wellbeing strategy
- Rosemary Lemon: Does ROI have to be monetary for financial wellbeing strategies?
- What are the latest trends and developments in financial education?
- Aspen Insurance uses online financial education to prepare staff for new financial benefits
- Jonathan Watts-Lay: Ensuring the savings effort pays off
- Charles Cotton: HR professionals have a crucial role in championing financial wellness