Subsidised gym memberships and physical health checks are an employee benefit mainstay, but are employers overlooking their workforce’s financial health?
Employees suffering from financial stress drains the UK’s businesses of billions of pounds in lost revenue each year.
Our own research suggests absenteeism and presenteeism – where employees are at work but not focused on the job in hand – costs as much as £57bn.
Nearly half of employees have identified money as the number one cause of stress; unsurprising given the 17 million workers in the UK who have less than £100 in emergency savings.
A financial wellness programme which supports employees in managing money can improve work performance and retain key talent
An effective financial wellness program:
- Identifies employees’ needs and adapts existing benefits packages or implements new ones to add value.
- Meets both employer and employee long and short term needs.
- Offers digital access, face to face meetings and targeted, personalised communications.
- Stands up to ongoing analysis and adapts to the business’ changing needs
The package should contain measures to promote positive changes to spending and saving activities; offer a range of solutions to cater for employees’ different financial needs and challenges; and be personalised to specific individuals.
Done well, financial wellness programs really work: employers already offering financial wellness solutions have 22% more employees who are extremely or very engaged in the workplace.
Today’s forward-thinking employers recognise that their employees’ financial health, given its impact on health and mental wellbeing, is just as important as their physical wellbeing.
We invite you to contact us for more detail about how a Financial Wellness programme could help you to grow your business.