48% do not have an employee wellbeing strategy

JMakings 430

Almost half (48%) of UK employer respondents do not have an employee wellbeing strategy in place, according to research by Close Brothers Asset Management.

Its latest Business barometer, which surveyed 850 UK employers, also found that less than a quarter (23%) of respondents that do have a staff wellbeing strategy in place have specifically considered addressing financial wellbeing within this.

The research also found:

  • Around a third (35%) of respondents already have an employee wellbeing strategy in place, and 16% are planning to introduce a staff wellbeing strategy or are currently developing one.
  • 49% of respondents that have a financial wellbeing strategy address financial wellness via their financial education programme, 22% through access to a financial adviser, and 29% provide support through a debt counselling service or employee assistance programme (EAP).
  • 44% of respondents in the manufacturing sector have a wellbeing strategy in place, compared to 29% of respondents in the recruitment industry, and 29% of those in the construction sector.

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Jeanette Makings (pictured), head of financial education at Close Brothers Asset Management, said: “Employers play a central role in ensuring staff are well informed about how to make the most of their workplace benefits and financial options, so it is disappointing to see that financial wellbeing is not being incorporated in more wellbeing strategies.

Financial wellbeing is becoming even more important with the rise of defined contribution pensions, increasing longevity and the increased responsibility this places on all individuals to plan for their finances today and for their future. It needs to be a key focus for organisations that want to make a difference to their employees and to their overall business, helping growth and retention over the long term.”