Financial Wellbeing: What more can you do to support your staff?
October 26, 2022
Increases in energy bills, food prices and fuel costs seem to be constantly in the headlines right now, and most people’s income isn’t keeping up with cost-of-living increases. Even though average wages rose in the spring, the Office of National Statistics found the value of regular pay fell by 2.8%.
Concerns about our financial situation can lead to feelings of embarrassment or shame. We feel a loss of control that leads to panic, and we may feel stuck in a negative loop. This can impact our mental and physical health, our relationships and our job performance.
We know that lots of employers are investing in mental health and wellbeing, but financial wellbeing is often neglected. A commitment to the financial wellbeing of employees can make a huge difference and, aside from the moral and societal reasons for doing so, there is a strong business case to invest in financial wellbeing as it decreases rates of absence, reduces presenteeism and increases productivity.
Investment in financial wellbeing doesn’t need to be a big financial outlay. One way to start supporting staff is through financial education – providing training on managing finances and developing soft skills that support positive financial wellbeing. Part of this is also regularly reminding staff of resources that are available in the community that they can access. Organisations who are able to provide employee benefits should also make sure that these are being communicated to staff.
If you want to learn more about how Isle Listen can support your organisation’s wellbeing, either through training or counselling, visit our website – www.islelisten.im/in-the-workplace
Money is often considered a sensitive topic to discuss, but by leading the conversation, employers can encourage employees to be more considerate of their financial wellbeing and access available support when required. This gives individuals greater control when they may feel overwhelmed, improving not just their financial wellbeing, but also their overall mental health.
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