Commercial Cost to Business
There is in fact a commercial cost to a business when staff have financial worries, lacking the ability to save for retirement and afford holidays. There is a link between employee debt and lower productivity overall. This is increasingly being recognised by employers and they are now taking action to help those employees, whether with financial incentives or knowledge on how to get help with debt or saving for retirement.
It is quite common for employees to struggle to understand the financial issues they may find themselves in and the financial benefits on offer within the workplace. By having a comprehensive wellbeing strategy in place, that includes financial wellbeing, it can help equip your staff with the knowledge and tools to better the employee financial wellbeing, which in turn will help lead to improved productivity.
It is crucial that employers first understand the needs of their workforce before implementing a wellbeing programme designed around finances. Each employee will have their own financial priorities, whether it is trying to obtain a mortgage, retirement plans, debt management or struggling to save. Once you understand what your employees are struggling with financially you can then tailor programmes and saving initiatives which can be further developed to meet the needs of each individual. This then gives your workforce the tools to develop their own financial toolkit; all with the aim to better their financial wellbeing so that when they are at work, they are happier, healthier, and more productive.