Financial Wellbeing in the workplace
In this podcast, Andy and Alice discuss all things Financial Wellbeing. They review our latest MHR guide on the topic and review some key stats on the impact of empowering financial wellbeing for your employees.
What is Financial Well-being and why does it matter?
Financial well-being refers to a state of stability and security in an individual's financial life. It encompasses aspects like the ability to meet expenses, save for the future, manage debt, and handle financial emergencies without undue stress. For employees, financial well-being is crucial as it directly impacts their overall quality of life, job satisfaction, and performance. Financial stress can lead to decreased productivity, increased absenteeism, and higher turnover rates. Employers who prioritize their employees' financial well-being not only foster a healthier workforce but also cultivate loyalty and engagement, ultimately contributing to a more successful and sustainable business.
What can you do?
- Real-time data
Providing your employees access to real-time data in the form of live payslips can dramatically support financial wellbeing. Real time data also helps payroll and HR teams better track employee behaviour and trends.
- Flexible Pay
Flexible pay isn’t simply a work-based loan: it can support employees to take the power of their finances into their own hands.
- Financial Coaching
Providing coaching opportunities helps businesses address concerns that 45% of UK workers don't feel confident managing their own money. Financial coaching can be offered as part of a broader set of benefits to support employee retention.
- A Considered Mindset
Less a solution, and more of a cultural shift, business can adopt a range of activities that better consider employee and financial wellbeing.
Find out more
Our Financial Wellbeing Guide is available here and in MHR’s Knowledge hub. Filled with stats and expert research of what businesses need to consider when addressing employee and financial wellbeing.