The 8th International Day of Happiness took place this last weekend. This year’s theme“Happiness for All, Forever”underlined the link between happiness, health and well-being. Health is more than the absence of illness. It’s also more than just physical healthy. Throughout the last year, mental health has been pushed to the top of the agenda. It’s now time to also focus on financial well-being if you want to drive your business forward with a dedicated and engaged workforce.
Well-being programmes have proven their effectiveness again and again. ROI between 3-6 times the investment. Insights revealed improved staff morale and satisfaction, better work performance and reduced absenteeism. These positive results have been found in both public sectors (e.g. NHS) and private companies.
Yet, when it comes to financial well-being, companies are uncertain how to include it in their overall well-being and total rewards strategies. Here are our recommendations for you:
1. Identify your employees’ needs
Assess the needs and prioritise your actions at the start. In the US, money has been the top source of stress every year for employees since 2007. Salary reductions, unpaid leave periods and redundancies in 2020 have also left their mark. But what support do your employees need? Budgeting, debt management, family care in their home country, investment for retirement, retirement planning?
2. Educate staff about current programmes
In the DIFC, employees can pro-actively manage their investments in the DEWS (Employees Workplace Savings Plan). Still, not every employee would know which fund would be most suitable for their retirement plans.
Share what programmes your company is offering. Employees can participate in lunch and learn sessions and workshops. Both types can be held in person with the necessary safety precautions or virtually. A series of short videos, online games and brochures can support the information and education sessions.
3. Offer personal finance 101 sessions
We don’t even need to look that far in the future. Managing monthly expenses, part of the basics of personal finance, is not what every employee has been taught. Feeling ashamed of the overwhelming burden of debt, many employees don’t feel comfortable discussing their financial situation with their manager.
Generalise individual situations when addressing the topic in a larger group. They demonstrate the causes and consequences of financial difficulties. Since these sessions are for all employees, including managers, they also they outline ways to support troubled employees.
4. Engage an Employee Assistance Programme (EAP)
Some, however, argue it is not the role of the employer to educate the workforce. This is where an external Employee Assistance Programme (EAP) can come in. They provide the needed financial education while maintaining objectivity, independence and confidentiality.
In our view, companies can’t remove themselves from the challenging topic of financial well-being. 43% of employees worry a few hours per day. Their productivity is clearly impacting, resulting in lower work quality, reduced revenue.
Don’t you want to turn this picture around? Translate your well-being into reduced employee stress and anxiety, greater team morale and a quality employee experience. This will in return create deeper team relationships, stronger customer services and increased customer satisfaction. Is your company willing to pass up these benefits? Contact us and learn how we can support your holistic, personalised well-being initiatives.