Business owners, is poor financial wellbeing among your employees affecting operations?

1. Schedule regular reviews and create progression plans
While salary isn’t the only thing that supports financial wellbeing, the research shows that it’s important to employees.

Having regular employee reviews where salary may be discussed can help employees bring up worries they may have and show how they’re providing value to the company through their performance. While you may not be able to meet all salary expectations and goals, being able to have a conversation can be useful.

Making a clear progression plan, which could lead to a salary increase, can also motivate employees and mean they have more confidence about their future.

2. Take the time to explain your workplace pension
The research found that many employees are worried they’re not doing enough to save for retirement.

As most employees benefit from being auto-enrolled into a pension, taking the time to explain how it works, including what you’re contributing, tax relief, and how it’s invested, can be valuable.

Some of your employees may not realise how much is going into their pension or understand how it’ll add up over their working life.

3. Effectively and regularly communicate the benefits you offer
If you offer employee benefits, make sure you show these off and regularly talk about them. Whether it’s a salary sacrifice scheme that can make childcare more affordable or discounts for high street stores, it can be easy for employees to forget about these perks.

Effectively communicating what you offer can highlight how you’re supporting their wellbeing and mean employees are more likely to make use of them.

4. Consider how you could support long-term financial wellbeing
As budgets tighten, many people are worried about how they’d cope if they faced a financial shock. You may already have policies in place to support employees if something happens.

For example, do you offer an enhanced sick pay policy, paid bereavement leave, or group life insurance? Benefits such as these can support long-term security and mean employees feel less worried about uncertainties in the future.

5. Signpost where employees can turn if they’re worried
At difficult times, when struggling with debt or managing their household budget, for example, your employees may benefit from seeking support.

Signposting where trusted advice can be found can be useful and provide someone for them to talk to if they’re not comfortable discussing concerns at work. StepChange can offer advice about managing debt, and many other charities can help people who are struggling.

6. Work with a finance professional to support your employees
If you’d like help creating a financial wellbeing programme to support your employees or want a finance professional to help them understand how they can get the most out of their income and assets, we could help. Please contact us and our Employee Benefits Manager can help you take the next steps.