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Supporting Staff With Financial Wellbeing

Financial pressures are pushing people into the job market

As the cost-of-living crisis escalates more people are suffering from financial stress. Furthermore, a recent survey conducted by the UK’s leading independent job board CV-Library revealed that half of UK professionals are now actively looking for a new role with a higher salary as a result of concerns around rising interest rates.

It’s therefore essential that employers do all they can to support staff in protecting their finances.

What can employers do to support financial wellbeing?

The CIPD have recommended the following steps to support employee financial wellbeing:

  • Review your current measures

Does your current offering support employee financial wellbeing? Regular reviews can help to ensure that the right levels of support are in place and the needs of your employees are met.

  • Survey staff

Ask your staff what support they need. Find out what more can be done and use this to inform your decision making.

  • Publicise existing measures

Are your staff aware of the support which is already in place? Remind staff of the benefits available to support financial wellbeing and how to access them.

  • Expand your offering
    • Direct monetary assistance – create a clear pay rise structure, become a real living wage employer, offer financial hardship loans
    • Rewards – introduce a bonus or commission scheme to provide increased earning opportunities
    • Help with commute costs – offer a cycle to work scheme, lift share scheme, commuting loan and flexible/home working
    • Other benefits – provide access to programmes such as Employee Assistance and Financial Education
  • Provide training and encourage discussion

Train managers to handle sensitive conversations relating to financial stress, introduce peer support (financial wellbeing champions) and create an environment where staff feel comfortable discussing financial struggles and accessing support.

Free guidance for employees

Implementing the right mix and level of support can take time for employers to get right. In the meantime, you can direct your employees to free guidance available on the government website Money Helper.

Contact JS Recruitment

Is the current economic climate impacting your ability to hire and retain top talent?

JS Recruitment can offer expert advice and guidance to help your organisation overcome these challenges. For further information contact us on 01977 269069 or info@jsrecruitmentuk.com

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