How to Build a Financial Wellbeing Strategy

As many workforces are multi-generational, it’s important that your company’s financial wellbeing strategy supports every generation and every individual. In order to do this, it’s vital that you build an inclusive approach to your financial wellbeing strategy.

Financial wellbeing is an integral part to any wider wellbeing strategy in the workplace. However, as many workforces are multi-generational, it’s important that your company’s financial wellbeing strategy supports every generation and every individual. In order to do this, it’s vital that you build an inclusive approach to your financial wellbeing strategy.

Research your employee’s individual needs

To provide a financial wellbeing strategy that incorporates the needs of your entire workforce, it’s vital that you understand your employee’s individual needs. This information can be obtained through qualitative and quantitative data gathering methods such as surveys and forms. With Busy Bees Benefits, our Smart Hive online platform provides employers with access to their benefit usage take up rate to see how many employees are using the financial benefits they currently offer.

Provide financial education

By offering financial education, you allow employees to support their financial understanding of their own situation. This can be implemented through our Smart Hive online platform which shows your employees the latest information about the financial benefits you offer as an employer. You can also provide education through our Financial Wellbeing scheme, which provides employees with a range of tools to develop their financial knowledge.

Encourage conversation

Encourage your employees to have conversations about their financial wellbeing. This can be completed through benefits such as our employee assistance programmes which are designed to give employees emotional support. When your employees know that there is someone they can speak to about their financial wellbeing, they feel supported within the workplace.

Plan for their future

Regardless of your employee’s individual situation, they are likely to be saving for the future. Our investments and savings employee benefit offer your employees the opportunity to buy an investment ISA through the workplace. They make investing easy for employees and supports them in preparing for their future.

Salary sacrifice schemes

Employee benefits which can be provided through salary sacrifice schemes are beneficial in supporting employees with their financial wellbeing. Benefits such as pension contributions, childcare, cycle to work schemes and car leasing schemes allow employees to save money while receiving great employee benefits.

By recognising how financial worries may affect your workforce and providing benefits to help support them, your support your business too. When employees are happier, they are more productive, which in turn, increases productivity levels of your business.

 

Financial wellbeing strategies

By allowing your workforce to feel more in control of their finances and their future, they are likely to feel appreciative of their workplace for helping the make more of their money.

By recognising how financial worries and mental health may affect your workforce and providing benefits, reward and support that can change your employee’s financial situation, you support your business too. When employee productivity is increased, your business productivity is too.

 

To find out more about how Busy Bees Benefits can support your workforce and implement financial wellbeing benefits that make a difference, call us on 0330 333 9100 or email information@busybeesbenefits.com