How to Implement a Financial Wellbeing Strategy in the workplace?
Financial wellbeing has progressed a long way in recent years. More organisations than ever are starting to take note of this issue and the importance of supporting their employees by improving their financial wellbeing. Looking back to a CIPD study from April 2019, they found that 24% of respondents believe that poor employee financial wellbeing is a significant cause of employee stress in their organisations, with this figure increasing in larger organisations.
When combining this with additional CIPD research in the form of their health and wellbeing at work survey (2019), finding that mental ill health and stress being two of the top causes of long term absence, it’s easy to see why organisations are starting to take note and implementing a financial wellbeing strategy.
But one question is still left unanswered for many employers, how can I implement a financial wellbeing strategy to support my employees, especially over a range of different demographics? It can be a daunting task, especially for larger organisations whose employees can range in ages. To help guide you in the right direction, we have listed a few key points to consider when looking to introduce this employee benefit and guide your in the right direction.
Considerations to make when implementing a financial wellbeing strategy:
Additional Points to consider
As mentioned in our 3rd point, it is important to make sure that the presenter is qualified. To give an example, all of our Financial Advisers are fully qualified Advisers and active members of the Chartered Institute of Insurance (CII). This allows our clients to be certain that the guidance given is both accurate and up to date.
Another point is to consider how you will promote your financial wellbeing programme and allow as many employees as possible to take advantage of this benefit. At Planned Future, we offer marketing support to help get the word out about your events. Everything from flyers, microsites, emails and more can be produced for you and your team.
Implementing a financial wellbeing strategy can be seen as a daunting task, but it doesn’t have to be. If you would like to learn more about implementing a financial wellbeing programme, just let our team know, we will be happy to help.