REWARD
Anna Buckle, head of employee experience and financial well-being, PayCaptain, provides some pointers for payroll professionals who are considering launching a financial well-being strategy at work, to ensure it lands successfully
W ith growing evidence of the connection between financial well-being and happy, productive employees, responsible employers are waking up to the fact that making a positive difference to their employees’ financial capabilities is in everyone’s interest. But whose responsibility is financial well-being in an organisation? The answer to this is: it’s everyone’s. Implementing a successful financial well-being strategy is truly a cross-functional project. which provides a brilliant opportunity for the payroll team to get involved in strategic
conversations and make a huge difference to the employees they pay. Getting payroll involved in a financial well-being strategy is imperative to its success, no team or process is better placed to talk all things money with employees. The relationship an individual holds with their employer is likely to be the only positive financial relationship they have, as their employer is the only one giving them money. Most other financial relationships will be about taking cash off them. Payroll facilitates this, so it really is perfectly placed as the vehicle to launch financial well-being tools and resources.
This more holistic view of supporting employees to manage their income to its best will be the future gold standard of payroll teams. Top tips for payroll professionals Here are some points for payroll professionals to consider when successfully launching a financial well-being strategy in their workplace. Culture Embedding money conversations in your culture costs nothing and is a great place
| Professional in Payroll, Pensions and Reward | June 2023 | Issue 91 40
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