How to improve employee work-life balance
Your team’s success starts with a balanced life. Discover tips for how to improve employee work-life balance, and the benefits that come with it.
Read MoreThe ongoing impacts of the cost of living crisis in the UK have been making headlines for many, many months.
According to the Financial Conduct Authority, around 12.9 million UK adults have low financial resilience – that’s 1 in 4 of all UK adults.
With so many of us feeling the strain, it’s more important than ever for workplaces to focus on holistic employee wellbeing – and to step up and support their employees to become financially resilient. In this article we explain how.
Financial wellbeing refers to the overall security of individuals when it comes to their money matters. Just like taking care of employees’ physical and emotional health, supporting financial wellbeing is crucial for creating a positive and productive work environment.
Money matters can have a profound impact on our mental health and wellbeing. When financial concerns become overwhelming, they can lead to increased stress, anxiety, and even depression. The constant worry about bills, debts, and making ends meet can create a persistent sense of unease. This stress can affect various aspects of life, affecting relationships, work performance, and overall quality of life. The feeling of financial instability can even erode one’s self-esteem and sense of control, adding to the burden on mental wellbeing.
Everyone’s financial situation is different, so ‘good’ financial wellness will look different for all of us. The Money and Pensions Service defines good financial wellbeing as feeling secure and in control of your money – now and in the future. It’s about being confident in knowing you will meet your day-to-day expenses and can manage debt responsibly. It’s also about being prepared for rainy days and having achievable medium to long-term money goals.
Financially stressed employees are twice as likely to report poor overall health and are five times more likely to have lower productivity than their peers. As a result, it’s important to be able to identify the employees that need support and be able to address their concerns, especially during this period of high cost of living.
Supporting your employees’ financial wellbeing showcases your company’s commitment to holistic employee welfare and creating an organisational culture that cares. Employees who feel supported in managing their finances are more likely to feel valued and be loyal and committed.
Looking at the bigger picture, addressing financial wellbeing aligns with social responsibility and ethical considerations. It shows your organisation’s dedication to the wellbeing of your workforce – beyond traditional job-related aspects.
Financially stressed employees are twice as likely to report poor overall health and are five times more likely to have lower productivity than their peers.
It’s important to remember that the effectiveness of these initiatives will vary based on your company’s culture, employee demographics, and individual aspirations and needs. It’s essential to gather employee feedback through surveys and adjust your offerings to ensure they resonate with your workforce.
Here we’ve included a bonus resource for HR teams: Financial wellbeing questions to include in your next employee pulse survey – which will assist you in asking the questions that will give you the insights you need to build a financial wellbeing plan that really supports your employees.
Pulse surveys are an excellent solution to truly understanding how your employees are feeling financially. By periodically collecting brief, targeted feedback from employees, you can gain real-time insights into the financial challenges and concerns faced by your workforce – and ultimately implement changes to support them. Here’s how to do it:
Your team’s success starts with a balanced life. Discover tips for how to improve employee work-life balance, and the benefits that come with it.
Read MoreFrom subtle indicators that reveal happiness in the workplace to practical tools and KPIs – here’s how to measure wellbeing.
Read MoreLearn how prioritising physical health and wellness in the workplace leads to happier, more engaged employees.
Read More