Chris Andrew
Head of Caburn Hope
In 2016 the Chartered Institute of Personnel and Development (CIPD) brought out a landmark report, Growing the Health and Well-being Agenda: from first steps to full potential. As well as highlighting the importance of employer support for physical and mental health, the report called attention to another pillar of employee wellbeing. Finance.
Financial insecurity impacts productivity. One in four workers told the CIPD that it affected their ability to do their job, while the Money and Mental Health Policy Institute found that employees with money worries are 50% more likely to report performance-affecting signs of poor mental health. A third reported lack of sleep. 29% reported problems with concentration. 55% said they’d achieved less at work.
So, there’s a compelling business case for supporting financial wellbeing. But how do organisations ensure that this topic receives proper attention, and buy-in from all employees?
To find out, listen to the latest episode of the Caburn Hope podcast, featuring strategy Director Chris Andrew in discussion with our special guest: Eileen Ng, Reward Manager for the APAC region at eBay. Or, for a short overview of how to start increasing financial wellbeing in your workplace, read on!
There can be big variations in the levels of financial literacy throughout a workforce. Before you put together any financial wellbeing strategy, it’s important to understand both the practical and the emotional issues that this subject can provoke, as well as the level of financial knowhow amongst your employees.
This means using listening exercises, surveys and focus groups to find out information like:
When you understand what employees need, and what they are missing in terms of their financial wellbeing, you can create a bespoke strategy for providing what they need. That might include:
People have complex relationships with money, and conversations about finances can trigger deep-rooted emotional responses: including shame, guilt, and fear. One effective way to encourage employees to talk honestly about these tricky issues is to encourage leaders to normalise those conversations.
To do that, the leadership team has to own and advocate for financial wellbeing. That cascades a positive and proactive approach to the topic throughout the organisation, prompting fuller and easier discussions about why it matters.
Ensuring that there is ongoing, two-way dialogue about the effectiveness of your financial wellbeing strategy will help to optimise what you do. So, ask for feedback like:
Want to find out more? Listen and subscribe to the full podcast, today.
Chris Andrew
Head of Caburn Hope