When your employees are stressed about money, they’re less able to concentrate on their work, which can lead to an overall drop in productivity. Taking steps to boost the financial wellbeing of your staff is well worth the investment if you want your business to be successful.
Financially healthy employees will feel better and work harder - and you’ll also increase staff retention by demonstrating that you’re a responsible and caring employer.
Keep reading for some simple tips on encouraging financial wellbeing at your workplace.
1. Run workshops on budgeting and saving
Running educational workshops and talks is one of the best ways to increase financial wellbeing amongst your workforce. Whether you’re helping staff to understand pension schemes, sift through betterment reviews, or just budget their weekly expenses a little better, you’ll be improving their financial know-how and showcasing your commitment to employee education.
If you run a large organization with a finance department, you could ask for volunteers to give talks on their areas of expertise. Alternatively, you could pay external providers to put on talks and workshops or pay for employees to attend events outside the workplace.
It’s a good idea to ask staff what they would benefit from the most before you arrange workshops, or you could end up missing the mark.
2. Know where to refer employees struggling with debt
Creating an atmosphere where employees feel able to open up to you is really important - and so is having the right resources to help people.
If a member of staff comes to you with a severe debt issue, you might not feel qualified to offer advice yourself. Instead, you should keep the details of local charities, online resources, and helplines which you can signpost struggling employees to. The resources you choose will vary depending on your location, so it’s smart to put together your own list to keep easily available.
Debt isn’t something most employers can help with directly, but they can refer employees to the right support services.
3. Offer vouchers and discounts as incentives for good work
Got a busy period and need staff to work a little harder than usual? Or just want to show that you appreciate the efforts of your most dedicated employees?
Offering vouchers and discounts as rewards for good work is a great way to recognize staff and help them out financially. The best vouchers are those which can be used at a wide variety of stores or spent on essential items like groceries and fuel, rather than vouchers for days out or experiences which staff might not have chosen themselves.
Employee reward schemes encourage hard work, boost company morale, and contribute to the financial wellbeing of your staff, making them really valuable.
4. Recognize the unique needs of your workforce
No matter which of the above tips you choose to follow, it’s really important to recognize the unique needs of your workforce.
If you hire lots of millennials, there’s a good chance that workshops on topics like budgeting and saving to purchase a first home will go down well. If your workforce is made up of the older generation, information on pension schemes might be more suitable.
When considering the kinds of discounts and vouchers to offer staff as rewards, it’s important to think about where they actually shop. A workforce made up of middle-aged men might not appreciate tons of vouchers for beauty products, for example.
If you’re ever in doubt when planning a new financial wellness scheme, ask your employees what they think. They might have valuable insights that never would have occurred to you.
Why bother thinking about financial wellbeing?
Your employees aren’t at their best when they’re worrying about finances.
Offer a helping hand by arranging workshops, signposting employees to local debt help resources, putting together a reward scheme, and asking staff what they need. You’ll soon see an increase in both morale and productivity.
