Expert Advice to Help Your Employee's Financial Wellbeing

Our founder Matt Norbury joined forces with experts to discuss how companies can look after their employees' financial wellbeing on a budget. With help from London HR Connection, our panel included:

Wendy Dignan: renowned psychologist and mental health expert
Chris Houry: a chartered accountant and leading finance director
Lindsay Bruce: recruitment manager at Sykes, a global leader in outsourcing
Matt Norbury: founder and CEO of Each Person

Boosting The Employee Proposition on a Budget 

If you missed our webinar ‘Boosting The Employee Proposition on a Budget’, you can watch the best bits below. However, we’ve compiled the key takeaways in this article to help you help your employee’s financial wellbeing.

https://youtu.be/29XCS18NO2Y

Financial Wellbeing Crisis

With 17 million UK adults having less than £100 in the bank and 50% of UK employees running out of pay before payday due to the monthly pay cycle, it’s evident employers must do something to help their people. In fact, 70% of employees are looking for support from their employer to improve their financial resilience. 

A common misconception in 2022 is that much of this financial hardship is a direct result of the pandemic, which simply is not the case, as Matt Norbury discusses. Norbury shows that statistics like those above predate COVID and the pandemic simply acted as a catalyst rather than the reason. 

Why Do Employees Struggle With Financial Wellbeing and How to Help?

We Don’t Talk About It

Wendy Dignan suggests that we simply don’t talk about financial worries. It’s something we all “sweep under the carpet”, therefore causing more of an issue. Dignan states that “it’s always been there”, and post-COVID, we can see that not talking about it will not help. According to the Office of National Statistics, financial stress is now the second biggest cause for worry, the highest it has ever been. 

With that in mind, employers must make these conversations as easy as possible. However, Dignan specifies how confidentiality is paramount when it comes to discussions around money. Lindsay Bruce also believes this and refers to SYKES’ Employee Assistance Programme that helps anonymity.

Education Is Simply Not Good Enough

Chris Houry believes that good financial wellbeing starts from early financial education. Something we lack in the UK. Schools don’t widely teach healthy financial habits, such as saving, where financial wellbeing begins. 

Ultimately, employees cannot solve the education crisis. However, Houry suggests that helping financial habits like saving is the “nail on the head” to benefiting financial wellbeing. Something Matt Norbury agrees with resulting in Each Person’s Save From Salary scheme.

Denial About Financial Wellbeing 

Lindsay Bruce considers some employees' denial regarding their financial situations. Referencing Dignan's point surrounding the UK’s inability to discuss financial worries confidently, employees don’t feel comfortable talking about their issues and may refuse to face them.  

Hence why rewards and recognition can help many employees’ wellbeing overall and financially. Bruce discusses how an employee reward scheme helps to say thank you for your hard work whilst aiding financially, especially when rewarding employee vouchers. For example, some employees may use their rewards to help pay bills, get food, or upgrade their broadband to assist their work. 

Furthermore, Houry shines a light on how employers can reward their staff up to £50 tax-free limitlessly throughout the years. Therefore, enabling companies to help their employees with little costs. 

In summary, financial worries are a huge factor in your people's wellbeing and can adversely affect their work life and your company. Therefore, investing in their financial wellbeing can and will have positive effects altogether. 

To find out more about how Each Person can help your people's financial wellbeing, contact us today at support@eachperson.com.

For further guidance regarding how you can support your people's financial wellbeing, click here.