Employee Financial Health: Advice for employees and employers
Poor financial well being is a huge issue affecting both employers and employees. Significant evidence indicates that productivity throughout the UK is damaged due to a lack of measures in place which support staff in this important area.
It is vital for employees to understand this issue, in order to ensure the financial well being of employees and that of businesses. Employers have long struggled with these issues; however, research shows that those who address the factors that lead to poor employee financial health, are likely to reap significant benefits to their bottom line.
Trying to manage this without professional advice can be tricky; employers should seek specialist advice when it comes to improving employee financial wellbeing. Many employers are simply unaware of the options available to them and how to put the correct measures in place - this is where a financial adviser can help. Others believe that it is simply not their responsibility to address – this needs to change.
Aegon research shows employees both need and really appreciate support and assistance regarding financial matters and highlights just what a difference it can make. It also found the estimated cost of financial well being-based absenteeism on business each year is £1.6bn; 43% of under 35's feel they will never have everything they want in life due to financial constraints; and 34% of people in smaller companies suffer financially, as opposed to 28% of employees in large companies.
How we can help
Many employers find discussing personal matters such as financial affairs with staff difficult. After all, employees will each have individual circumstances which are likely to result in different priorities, for example some will be looking to buy their first home, whereas others are preparing for retirement (not always an easy thing to mention to your boss!)
We can provide support whether through a one to one meeting or group workshops covering areas that can provide staff with guidance and advice to help them understand what might be worth considering, to deal with any financial worries they may have. For employers we can also discuss how certain staff benefits such as life insurance, income protection, private health insurance and pensions, fit into renumeration packages and how these can be used to reward and retain a happy workforce.
If you are an employer and would like to discuss how you can support your staff , or an employee who would like to discuss your own financial affairs, why not get in touch to arrange an initial free no-obligation meeting to put the right plans in place.
Why not call us on 0141 572 1340 or email email@example.com to arrange a free no-obligation meeting.