Five steps to promote financial wellbeing and mental health in the workplace

We are increasingly discussing the importance of a rounded approach to wellbeing at work and the link between productivity and health. There has been exponential growth in workplace wellbeing investment which is finding its way onto the C-Suite’s agenda. Mental, physical, financial and emotional health are all essential for individuals to reach their potential and deliver the organisation’s vision. Even an employee who is receiving a substantial wage can suffer from poor financial wellbeing if they have made misinformed investment decisions or if they do not feel that they are being fairly rewarded.

Financial wellbeing and mental health

Our recent HR Groups across all sectors highlighted the increasing importance of financial wellbeing to employees’ health and stress levels. The Money Advice Service found that over 16 million people in the UK have less than £100 in savings and according to YouGov, 78 per cent of employees believe that having a savings nest egg would ease their everyday stress levels. Financial guidance from an employer is increasingly critical in the recruitment and retention of employees who value this proactive support.

The first article in our two-part series around our upcoming ‘Rewarding You’ seminar on mental health and wellbeing in the workplace explores five key steps that employers can take to help employees address their financial concerns.

Future-proofing your workforce

Working with employees to tailor benefits and financial support to their individual needs is essential to creating an open culture and strengthening the employer and employee relationship on both sides. Money and tangible benefits equates to security and freedom for employees. Helping your employees keep on top of their finances can increase their capacity and motivation at work, whilst delivering an outstanding workforce experience that unlocks the potential of each employee, both now and in the future.