How effective is your communications on the financial wellbeing support for your employees?

19th January 2022

As we enter the new year, now is the time to take stock and review your employee communications, to ensure your financial wellbeing provision is clearly and consistently communicated.

As Sheffield and the rest of the UK continues to navigate through the pandemic, the financial impact on our people remains - with a notable decline in financial wellbeing in UK households*.

Almost eight in 10 UK employees say that money worries impact them at work**. Therefore, addressing financial wellbeing challenges productively in the workplace is paramount to improving the overall wellbeing and productivity of your employees.

However, in a recent survey***, communication skills were identified as the most important skill needed to make a workforce effective – but do you know how effective your communications strategy is on the financial wellbeing support you offer your employees?

As we enter the new year, now is the time to take stock and review your employee communications, to ensure your financial wellbeing provision is clearly and consistently communicated.

Not sure where to start? Here’s a few tips:

  1. Ensure that the company benefits you offer are prominent and visible within your organisation. Whether it’s childcare vouchers, discounted retailers or travel support, these cost-effective benefits could make the world of difference to employees who are really struggling or want to get on top of their finances. Therefore, make sure they are consistently communicated in your internal communications, induction packages,, employee handbooks and policies.
  2. Consider implementing financial wellbeing ambassadors into your organisation at all levels, top down from your Board and Executive Leadership team through to junior colleagues, creating a safe space for money related worries.
  3. Organise expert talks from your pension providers, independent financial advisors and other money experts (eg mortgage advisors) to provide sound, free and impartial financial expertise, and the opportunity for your employees to raise questions and concerns.
  4. Create a dedicated financial wellbeing section on your intranet or internal communications where you can signpost to free and impartial money guidance, including tools and calculators offered by MoneyHelper.
  5. Lastly, survey your employees to find out whether they are aware of and value the support you provide - and what more you can do to help them navigate any money challenges. Knowing what is and isn’t working is valuable insight to make your financial wellbeing offer work for your employees.

At the Money and Pensions Service, we have a dedicated UK partnerships team to support employers across the UK with building financial wellbeing in the workplace. Our team provides free and impartial guidance, support and resources for your organisation to use.

For more information on building financial wellbeing in the workplace contact Jenny Wright, the Regional Manager for your area.

Please note that MoneyHelper is a free service provided by the Money and Pensions Service.

*2022. Scottish Widows. UK Household Finance Index

**2019. Close Brothers. The Financial Wellbeing Index

***2021. South Yorkshire Quarterly Economic Survey Q4 2021 survey

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