Boosting Financial Wellbeing in the WorkplaceMarch 28, 2023
Categorised in: News
It is no secret during the current cost of living crisis, many people are left worried about their financial situation. Supporting financial wellbeing in the workplace is one of the best things you can do as an employer, as not only will it help your employees, but it’ll also help you.
The Impact Of Poor Financial Wellbeing In The Workplace
Research from the Joseph Rowntree Foundation found that almost one-third of employees (around 8.2 million people) experienced low productivity at work due to financial worries. On top of that, 40% had experienced mental and physical strain, with 32% losing sleep and 25% feeling depressed because of financial concerns.
While financial worries are considered more of a personal matter, the effect of money worries on employees doesn’t go away once they arrive at the office. Employees struggling with poor mental health due to financial pressure will be unproductive, disengaged and more likely to skip work. With this in mind, it’s no surprise that HR departments are prioritising initiatives to improve financial wellbeing in the workplace.
If your employees feel they have a good sense of financial wellbeing in the workplace, they are more likely to be productive, engaged and attentive at work.
Employer Benefits For Financial Wellbeing In The Workplace
While it’s clear that happier employees benefit organisations with improved productivity and engagement, supporting financial wellbeing in the workplace can also help your employee retention and recruitment efforts.
In a time with the highest worker demand, candidates will look at an organisation’s benefits packages when looking for a new role. Companies with benefits that support financial wellbeing in the workplace and prioritise employee mental health will stand out, making them an attractive choice for candidates.
How To Support Financial Wellbeing In The Workplace
Alongside responsibilities that you have to your employees by law, there are ways that you can go above and beyond to foster healthy financial wellbeing in the workplace.
Access To Pay And Pension Information
While all businesses must now offer a workplace pension and comply with auto-enrolment legislation, there is still an excellent opportunity for you to take it one step further to support your team’s financial wellbeing in the workplace.
Having real-time visibility of pension funds makes future financial planning more accessible and on-demand access to payslips helps improve financial awareness and visibility of earnings. Providing debt counselling and financial advice is also a vital resource for many employees who may be struggling with significant debt issues that may be causing extreme stress and anxiety.
From household budgeting resources and training to discounts on regular purchases, providing your employees with benefits that improve financial wellbeing in the workplace can help proactively ease the financial pressure. At HIVE360, we offer a complete approach to your payroll and benefits package to help you support financial wellbeing in the workplace, including resources to help guide them through financial difficulties.
Discover how outsourcing your payroll and taking advantage of our Engage employee benefits app can have a really significant impact on your employee’s financial wellbeing.