Financial wellbeing may not seem to fit with the traditional idea of wellbeing in the workplace, where we typically think of things like cycle schemes, fresh fruit and mental health training. However, statistics show that stress and anxiety are the second largest reason for sickness absence in the UK, and we all know the stress that financial insecurity can bring.
All employers have a responsibility to support their workforce’s financial wellbeing. There is a clear moral component here, in that people deserve to be paid fairly. There is also a business case for supporting staff’s financial needs, in that businesses that look after their staff financially enjoy a better reputation, better staff retention and increased staff motivation. Even smaller businesses or those with limited budgets can still offer support to employees.
We hope this has been a helpful introduction to supporting employees with their financial wellbeing. Taking the first steps doesn’t need to be complicated or expensive. If you are looking for more details on the above, then please get in touch for an informal chat to see how we can support you and your employees.
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