The ultimate guide to employee financial wellbeing

Employee financial wellbeing is an umbrella term that covers a number of connected concepts. In the broadest possible sense, it refers to employees feeling secure in their financial status.

Many people do not have financial resilience. They might have enough money to get by on an average day, but sudden changes (such as injury, illness, a move, or a sudden breakage of a key home appliance) can cause big problems. This can cause an employee a lot of stress, either because they are unexpectedly stung or because they know they could be, which leads to a lot of wellbeing problems.

There are several key elements that make up financial wellbeing for employees. If these elements are well supported, then your employees will typically have good financial wellbeing.

There are three key reasons why a business should offer some form of financial wellness programs in the workplace. By supporting financial wellbeing at work, you can ensure your employees feel secure, but this also leads to numerous benefits to your organisation.

It’s clear that its vital to the wellbeing of both your employees and your broader organisation that you offer financial wellbeing support for your employees. The simplest way to safeguard your employee financial wellbeing is through offering a range of flexible benefits, including services that help employees budget and increase their resilience.  

There are several ways that you can offer financial wellbeing support for your employees. This includes financial wellness programs in the workplace, but there are also simpler improvements you can make. 

Measuring employee financial wellbeing is a delicate topic. However, there are some ways to sensitively approach the matter and build a financial wellbeing plan that works for you and your employees.

Through our partnership with Wagestream, Financial Wellbeing from MHR can help with all manner of employee financial wellbeing concerns. From free financial advice to budgeting services to early access to earned wages, Financial Wellbeing from MHR can smooth over wrinkles that lead to poor financial health. 

Likewise, MHR’s software offers simple quality of life amendments like real-time payroll and interactive payslips, employees can be more aware of their financial situation, giving them more agency.