What Employees need right now

Dear Employer

By Edith Siddondo in Blog — Oct 2, 2022 5:44 PM

Did you know today’s employees often feel vulnerable and exposed when it comes to money? Many never learned about money at school or at home. For too many, money is a taboo topic, and that leaves people unprepared to manage everyday financial decisions.

Since financial education didn’t always happen at home or in school, someone needs to step in. That someone is you, the employer. You play a significant role in the lives of your employees and their families, and you can make a real difference.

Actively promoting financial wellness for your employees is the right thing to do, especially now with the high cost of living. For a long time, wellness meant only mental and physical health, but financial wellness is a vital and often overlooked part of overall wellbeing.

What is financial wellness?

Financial wellness means having peace of mind about personal money matters. It’s about feeling in control of day-to-day finances, being able to absorb a financial shock, and being on track to meet financial goals.

Do I have control over day-to-day, month-to-month finances?

Do I have the capacity to absorb a financial shock?

Am I on track to meet my financial goals?

For many employees the answer to one or more of these questions is “no,” and that leads to money stress. Money stress reduces productivity, increases sick days, and raises staff turnover. Financially illiterate employees are more likely to request pay advances, borrow from colleagues, or let money problems spill into the workplace.

You, the employer, must do more than provide a paycheck. Helping staff achieve their financial goals benefits the whole business. When employees understand money, they are more focused and loyal, sleep better, and are less likely to juggle multiple side hustles. That makes HR’s job easier and improves performance across the organization.

Providing financial wellness support to older workers helps them prepare for retirement, reducing the number who must keep working because they can’t afford to retire. It also opens up opportunities to recruit new talent.

Look after your employees and they’ll look after you.

It’s a simple concept, but a powerful one.