Against the rising cost of living, supporting your employee's financial wellbeing has become an imperative, not a nice to have. To deliver a programme that will measurably help your people during these challenging times you need to listen to them and create a strategy that will direct your resources where they will have the biggest impact.

 

You know that the wellbeing of your people is a fundamental part of their employee experience. It drives productivity and innovation. They are your key workers and their financial wellbeing is vital to them and your business.

 

It is therefore no surprise that we are increasingly hearing more employers seriously start talking about financial wellbeing, and how it is no longer the optional extra of the wellbeing family.

 

Whether you want to improve your current financial wellbeing program or create and implement a new one, we have the experience, tools and expertise to help you succeed.



 

It’s time to make your employees’ financial wellbeing a priority

You know that the wellbeing of your people is a fundamental part of their employee experience. Employees who feel well are more productive, engaged and innovative.

 

We are talking to more employers about financial wellness as part of their broader wellbeing strategy. The increase started during the pandemic and is accelerating as the rising cost of living puts pressure on employees’ finances.

 

Financial wellbeing at work is moving from an optional extra to sit alongside mental wellbeing as a central part of organisations’ work to support, engage and retain people.

 

Some employers are reviewing the employee financial wellbeing measures they have in place while others are starting from scratch. Wherever you are starting from, you should consider these points:

 

  • Supporting your employees’ financial wellbeing doesn’t have to cost lots of money or require a huge effort. Taking small steps can make a big difference.
  • If you have measures in place already, remind people they are there. Your employees may not have paid much attention when times were easier.
  • Talk to your employees to find out where they need support so that you can direct resources where they will have the most impact.
  • If you add products and services without listening to your people you will probably waste money and fall short in your efforts.

The important thing is to get started with the knowledge to act strategically. At Mercer we have the experience, tools and expertise to help you succeed.

Did you know?

36%

of organisations have a financial wellbeing strategy – up from 15% in 20151

63%

of employers do not know how their employees are faring financially2

86%

of organisations have not collected any data on their employees’ financial wellbeing needs3

Sources:
123 Mercer. Financial Wellbeing: No Longer the Poor Relation, 2021.

 

Completing Mercer’s Financial Wellbeing Index is a great way to start to understand what you have, and what interventions might make the biggest impact to improving your programme.


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We’re talking to more and more organisations that recognise that in the face of the cost of living crisis, financial wellbeing has become as central to their people agenda as mental wellbeing. Whether you’re just getting started or you want to improve, you need to think carefully about where you direct resources to meet your people’s needs.
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Jeremy Milton, DC Consulting and Financial Wellbeing


 

Discover how you rate on financial wellbeing – and how to improve

We created the Financial Wellbeing Index to help you find out how your organisation rates and suggest initial ways to improve. We also wanted to understand the state of financial wellbeing in the workplace by compiling the first comprehensive data on the subject.

 

The index is a free digital tool that gives an instant score out of 100 for your organisation’s existing financial wellness activities based on four elements:

 

  • Control over the day-to-day
  • Prepared for the unexpected
  • Freedom to make choices in life
  • On track for the future

Some organisations already have comprehensive financial wellness programmes with scores of 90 or more for each element but most lag far behind.

 

Importantly, many high scorers started out with one or two targeted measures before shifting to a strategic approach as their programme developed.

 

Most organisations already have products or solutions that can support a financial wellbeing programme - these are an easy starting point. Rearticulating what you already offer is a quick way to support financial wellbeing and let your people know you’re on their side.

 

Find out what position your employees are in and where they need the most help. The Financial Wellbeing Index revealed [link here to correct report] that almost two-thirds of organisations had no idea how their employees are managing financially and almost 90% had no data on their people’s financial wellness needs.

 

Adapt and build as you go. You need a strategy for the long term but pressure on households is increasing fast and some easy wins could make a difference now. These could include:

 

  • Online budgeting tools to support your employees with their short-term finances
  • Additional savings accounts to help your people build financial resilience
  • Help with debt such as salary-deducted loans that allow your employees to consolidate their borrowing

 

At Mercer we can help you select solutions from a crowded marketplace to support your people now. We can also help you devise an employee financial wellness strategy so that you focus your resources on those areas that will make the biggest impact on financial wellbeing at work. We can also help you measure the impact so that you can evolve your programme to meet your employees’ needs.

 


Improving the financial resilience of your people through 2021

 

How does an organisation go about improving – or creating and implementing a successful financial wellbeing program? How will you know what success means? And how can you help make your people financially fit as we move through these testing times?

 

 


Getting started to support your people’s financial wellbeing

The best place to begin if you want to initiate or improve your employee financial wellness programme is to take part in our Financial Wellbeing Index. It’s free and takes about 15 minutes to give you a snapshot of where you are and areas for improvement. We’re also pleased to have a follow-up conversation – at no charge – to discuss your options.

 

Here are some points to consider when thinking about your next steps:.

 

  • Financial wellbeing is an integral pillar of your employees’ wellbeing. Your people want and expect you to support them.
  • What do you know about your people’s financial position? Don’t assume that because you pay well your employees won’t have challenges. To truly understand what your employees need you must be brave and listen.
  • What resources do you have in place at the moment that can help with financial wellness? Remarketing what you already offer can be a quick win for you and your employees.
  • What solutions are available to you and your workforce? The market is growing and changing and there are many free resources that you can access and promote to support your strategy.
  • What can your in-house team do to support your programme and where do you need help from outside?

 

We work with a range of clients to either implement or improve their financial wellbeing programmes to generate the maximum return. That includes building a strategy, helping to design and select a range of new products and services and supporting them on the important communication and measurement of their programmes.

 

Whatever your starting point, vision or budget, we can help drive better value from your financial wellbeing programme.

 



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Disclaimer

This site and the materials made available on it are intended for general information only. They do not contain investment, financial, legal, tax or any other advice and should not be relied upon for this purpose. The materials are not tailored to your particular personal and/or financial position. If you require advice based on your specific circumstances, you should contact a professional adviser.

 

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