How Prioritising Financial Wellbeing Bolsters Employee Engagement

Financial wellbeing is becoming an increasingly sought-after employee benefit. A company’s financial wellbeing strategy plays a crucial role in addressing stress concerns and supporting the financial health of its employees. Most importantly, financial wellbeing benefits help businesses retain and attract top talent.

Here is how employers use financial wellbeing to support their team and the reasons why every business should look to implement a financial wellbeing strategy.

- Support during cost of living crisis 

During times of economic uncertainty, employees might struggle to make ends meet. By offering financial wellbeing as a benefit, businesses can support their team members to feel less stressed and overwhelmed, as well as more secure to cope with the current climate and its aftermath. 

This help can be especially crucial when employees may be worried about job security or paying bills. A financial wellbeing solution can provide individuals with a plan and the peace of mind they need to focus on their work. 

- Create a better workplace culture

Offering financial wellbeing as a benefit can improve workplace culture. Companies that prioritise employee financial wellbeing are also seen as more supportive, creating a more positive workplace. Employees are more likely to feel committed to the success of the company if they feel valued and empowered within the workplace. A culture of collaboration will not only increase productivity, but also drive personal and business growth. 

- Retain and attract top talent

Employees who struggle financially are more likely to look for new opportunities, leading to higher turnover rates. Therefore, one of the main reasons an employer should implement a financial wellbeing plan is to retain and attract top talent. 

A financial wellbeing strategy can support companies to retain and attract top talent in several ways. These include free financial advisers, financial education, retirement planning & pension hunting tools. By offering these types of resources, employers can support employees to feel in control of their finances, which can lead to increased staff retention and attract new talent looking for a better opportunity.

- Improve mental health

Financial stress is a major contributor to poor mental health and reduced job productivity. Providing employees with the help and education to become financially healthier, employers can lessen the financial burden and in turn improve mental health. 

It is no surprise that financial worries cause significant stress and loss of productivity amongst employees. According to research conducted by Mintago, 43% of working adults in the UK admitted to have lost sleep due to financial concerns. 

Conclusion

In conclusion, businesses should strive to implement a financial wellbeing strategy. By providing their employees with the tools to feel in control of their finances, they can support them during times of economic crisis, create a better workplace culture, attract & retain top talent and improve mental health. A financial wellbeing strategy can therefore be beneficial to both the employee and the employer, leading to increased business success.