Cost of living: creating a happier, healthier workforce
2. Assess what financial wellbeing support you already offer. Audit existing financial wellbeing benefits and understand how well they respond to your employees’ needs. 3. Design your financial wellbeing approach - think holistically. Consider how to target and prioritise your activity, based on your workforce needs and available resources. Build a strong case for support to secure buy-in at senior levels of your business. 4. Make support accessible. Offer guidance when employees are most receptive or in need of support, such as when they first join you or are promoted, or at key life stages, like buying a house. Consider whether digital, face to face, on-site, or a blended approach of support is most appropriate. 5. Test and learn. Knowing that something you’re doing works for your employees is important. Build regular learning reviews and evaluation into your approach. Useful resources and support The Money & Pensions Service (MaPS) offer free and independent support to businesses to help them on their financial wellbeing journey. Our cost of living campaign has brought together a range of useful tools, calculators and guides to help employees keep on top of their money. Employers can communicate the campaign through a range of assets created for businesses to use including newsletters and intranet content, social media posts and template text, and printed materials.
Money Helper is MaPS consumer-facing service, providing free and impartial money and pensions guidance for people across the UK. From annuities to universal credit, MoneyHelper resources offer financial education and guidance spanning all money issues, pensions and debt. Happier, healthier, productive workers Financial stress doesn’t just impact those on a low income. The whole workforce will benefit from a supportive approach to financial wellbeing, which is likely to result in happier, healthier and more productive workers, with staff feeling valued from a responsible employer. Providing financial wellbeing support is good for business and can encourage better talent attraction
Everyday money worries are at the top of employees agendas. Of the UK population today 22% have less than £100 in savings and 52% do not have a plan for their finances in retirement. Money worries can affect worker productivity and prevent people from performing at their best. But there are simple steps that employers can take to improve the financial wellbeing of staff. These include: 1. Encourage your employees to break the taboo and become comfortable talking about money. Understand their concerns and needs via polls, surveys and discussion groups. Absenteeism, due to financial distress, is estimated to cost UK employers up to £2.5 billion per year, according to research by the Money & Pension Services (MaPS) – an organisation established to help the government with matters relating to finance. Karleen Dowden, Regional Partnerships Manager at MaPS tells us how employers can create a healthier and more productive workforce by following a few simple steps to improve the financial wellbeing of their people.
and retention, a more sustainable and socially responsible business, as well as bringing economic benefits for the country.
Karleen Dowden, Regional Partnerships Manager at MaPS
Gain more financial wellbeing guidance from our range of resources here .
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REGIONAL INSIGHTS
Summer 2023
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