Top tips for reducing your employee’s financial stress
Feeling stressed isn’t something we want anyone to feel, especially our employees. With so many factors causing our employees stress it’s hard to know how you as an employer can help. But do you know what causes your employees to feel the most stressed whilst at work? In our latest research we asked just that!
Our research showed that 21% of employees admitted that it was actually their own personal income or financial worries that caused them the most stress in the workplace. And, when we asked the employers themselves what they thought was causing their employees the most stress at work, 33% agreed.
And, there is also a disparity amongst age groups too. Almost half (45%) of respondents aged 21-34 said that when they are financially stressed or worried about money this negatively affects their productivity at work, compared to only 3 in 10 (29%) respondents aged 45-54.
When an employee is struggling with personal financial stress it can cause them to have low morale, decreased productivity and absenteeism, which can all have a knock on effect on businesses. Employers simply cannot afford to ignore this.
Here are our top tips to help you support your employees’ financial wellbeing and therefore, reduce their stress:
Understand the needs and wants of your employees
Before you do anything else, it’s important to understand exactly what financial support your employees need and want. And of course everyone’s needs will be different but you may be surprised at just how many people are struggling in the same area. One way to find out the needs and wants is to conduct a survey. This can give you the information you need to make sure you implement something that will actually benefit your employees. Most people will be cautious with supplying their employers with personal financial details so try make in anonymous and ask for criteria like age group so you are able to personalise your offerings going forward.
Educate your employees
Not everyone is au fait with the financial world. Start by offering the basics such as how to budget, save or get out of debt. Often, you can have group education sessions and even 1-1’s too. Plus, there are many online solutions which can offer a confidential place for employees to gain information. Giving your employees this knowledge can empower them to take control of their finances, reduce their financial stress and improve their overall wellbeing. No matter what your budget allows, when it comes to financial wellbeing, there are many solutions on offer.
Communication is key
You now know what it is your employees need and want, you have your financial education set up and ready to go, but how do you get your employees to engage with it? Communication. The way you communicate the financial wellbeing initiatives on offer is as important as the initiatives themselves! Use clear language which is free from jargon and a multi-channel approach. Don’t overwhelm them with information at the start, explain what’s new, what’s on offer and most importantly how it is going to benefit them. And, make sure you don’t just do it once. Continue to share the benefits on offer as something which wasn’t relevant two months ago, might really help an employee now.
The impact financial stress has on both an employee and an employer can be detrimental. And, although more employers are recognising they need to take action, there is clearly more which needs to be done.
The full results of our research can be found in our whitepaper here.
For information on how Secondsight can help you reduce the financial stress of your employees contact us today. If you are also interested in an online solution, find out more about our new Wellbeing Hub.
Information correct as of 27/05/2020
Secondsight is a trading name of Foster Denovo Limited, which is authorised and regulated by the Financial Conduct Authority.