The importance of supporting employees’ financial wellbeing

It’s clear that employee wellbeing both inside and outside of the workplace is increasingly seen as a crucial concern for businesses and organisations. The pandemic has left many people feeling anxious about their future and some have found themselves in tough circumstances such as losing their jobs, having no income and being on furlough. COVID-19 has put a lot of pressure on many aspects of employees’ lives, especially when it comes to their financial future. At Achievers, we believe that employers should provide ongoing support to their employees during these uncertain times. Below are some key tips that employers can begin to implement to support their employees’ financial wellbeing.

1. Practical financial information and resources

A great way to combat some of the financial anxieties your employees may be facing is by helping them to understand what support is readily available to them. The National Debtline has produced a useful factsheet, which covers a range of topics such as getting help with your mortgage, rent, council tax, energy and water bills as well as the latest information on Statutory Sick Pay and benefits.

2. Money saving tips and tricks

As employees increasingly begin to pay closer attention to their finances, a great way to support your workforce with their financial wellbeing is by sharing useful money saving tips and tricks. Whether it’s shining a light on some of the company perks and benefits you offer or sharing a useful website that provides great deals and offers – this will potentially provide your employees with the opportunity to save money through a number of simple actions.

3. A supportive environment

A strong correlation exists between stress and crisis, which can lead to both physical and mental health challenges. At Achievers, we recently launched the COVID-19 Critical Event Response Survey and Toolkit where we identified six key protective drivers that predict employee resilience and organisational continuity. One of those drivers that we identified was support – it’s important that organisations provide their employees with a supportive environment that listens to their concerns.Employees who are physically and emotionally healthy are more likely to be committed to their jobs, willing to go that extra mile and are more likely better equipped with handling difficult or stressful situations. With financial pressures a major cause of stress, providing resources and a work environment that can help them best manage money matters can make a big difference to individuals and the company at large.

Click here to find out more about Achievers’ employee engagement platform.