{"id":325,"date":"2020-11-09T12:00:12","date_gmt":"2020-11-09T12:00:12","guid":{"rendered":"http:\/\/sage-people-scraping.local\/?p=325"},"modified":"2026-01-09T14:52:57","modified_gmt":"2026-01-09T14:52:57","slug":"how-support-employees-financial-wellbeing","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-ie\/blog\/how-support-employees-financial-wellbeing\/","title":{"rendered":"5 ways to support the financial wellbeing of your employees"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tPeople & Leadership<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\t5 ways to support the financial wellbeing of your employees\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tJessica Leyshon<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n\n\n

Money concerns are one of the biggest causes of stress.<\/p>\n\n\n\n

PwC\u2019s 2017 \u2018Employee financial wellness survey<\/a>\u2019 found that 53% of employees are stressed about their finances.<\/p>\n\n\n\n

Smart companies are recognising that being financially stable is an acute need for their workers.<\/p>\n\n\n\n

In fact, in a Barclays survey, 38% of employees said they would move to a company that puts financial wellbeing as a priority.<\/p>\n\n\n\n

Importantly, the study also found that one in five<\/a> employees want financial guidance from their employer.<\/p>\n\n\n\n

Traditionally, the thought of an employer getting involved with workers\u2019 financial concerns would be a HR or People team\u2019s nightmare, but employees are increasingly turning to their place of work for help and guidance.<\/p>\n\n\n\n

So, companies that value their people and put them first should think about ways they can support employees in this area.<\/p>\n\n\n\n

Supporting employees financially<\/h2>\n\n\n\n

There\u2019s two things to consider, though, before we look at the ways in which companies can support employees financially.<\/p>\n\n\n\n

Firstly, it\u2019s not about the perks \u2013 but showing your workforce you care and value them.<\/p>\n\n\n\n

When we spoke to 3,500 employees across the globe about what really makes them productive, one of the most overwhelming things that stood out was that they valued a great workforce experience (78%) and being valued and recognised (66%) over perks.<\/p>\n\n\n\n

Consider whether you\u2019re offering just perks \u2013 or something your workforce will really value you providing.<\/p>\n\n\n\n

Secondly, if you want to consider ways to support employees\u2019 financial wellbeing, the first thing to do is ask them.<\/p>\n\n\n\n

Just 12% of employees we spoke to are asked on a regular basis what would improve their experiences at work. Almost half (47%) had never been asked at all.<\/p>\n\n\n\n

Once you\u2019ve done that, here\u2019s six things to think about as an employer to support employees\u2019 financial wellbeing.<\/p>\n\n\n\n

1. Money management advice<\/h2>\n\n\n\n

One in five workers said they would value broader financial guidance, debt management and counselling if they were in financial hardship, according to Barclays.<\/p>\n\n\n\n

Companies could consider offering money management guidance, debt counselling, and coaching on debt consolidation.<\/p>\n\n\n\n

If you don\u2019t have the skills in-house to provide this information, there are money management service providers that offer tailored programmes aimed at employees.<\/p>\n\n\n\n

Liz Young, HR Director at Unum, also suggests introducing employee assistance programmes for those who may need more advanced support.<\/p>\n\n\n\n

Writing for HR Zone, she says these offer direct, confidential contact with experts who can support individuals with areas causing emotional distress, including money troubles.<\/p>\n\n\n\n

2. Salary sacrifice schemes<\/h2>\n\n\n\n

The rules around salary sacrifice schemes<\/a> in the UK changed in 2017 meaning things such as company cars, work-related training, mobile phones and gym membership could no longer be offered under a salary sacrifice scheme.<\/p>\n\n\n\n

However, pension contributions, cycle-to-work schemes and ultra low-emission vehicles are all valid under the salary sacrifice rules, so don\u2019t overlook offering these tax-friendly incentive schemes to your employees in the UK.<\/p>\n\n\n\n

3. Employee discount schemes<\/h2>\n\n\n\n

There are a range of loyalty and rewards schemes employers can register with to enable employees to receive discounts on goods and services when they shop online through the scheme.<\/p>\n\n\n\n

Free or discounted membership to a local warehouse club, such as Costco \u2013 where people can buy household items in bulk \u2013 also provide financial perks for employees.<\/p>\n\n\n\n

Remember, though, workers value a great workforce experience over perks such as these.<\/p>\n\n\n\n

So, if you\u2019re considering investing in employee discount schemes, do your research first by asking your people if they\u2019d value support such as this or if they\u2019d appreciate you investing elsewhere as an employee in alternative ways to build a better workforce experience for them.<\/p>\n\n\n\n

4. Pensions<\/h2>\n\n\n\n

In Ireland, auto enrolment<\/a> rules are on the horizon, meaning that in the future, employers will be required by law to provide their employees with a workplace pension.<\/p>\n\n\n\n

However, you don’t need to wait until auto enrolment is implemented to offer pensions to your workforce.<\/p>\n\n\n\n

If you want to stand out from the competition, you could consider offering a private pension to your employees.<\/p>\n\n\n\n

And while you’re at it, try offering pensions advice so your employees, particularly millennials and Generation Z, understand the benefits of investing in their retirement at an early age.<\/p>\n\n\n\n

5. Loans and saving schemes<\/h2>\n\n\n\n

Almost 50% of employees are not putting money aside for anything beyond regular bills, research by the Social Market Foundation and Neyber reveals<\/a>. The study also shows that one-third of workers have no savings or investments.<\/p>\n\n\n\n

Offering a workplace savings plan, such as a corporate ISA, can kick-start someone\u2019s saving mentality and help them to build a financial safety net.<\/p>\n\n\n\n

Anglian Water offers a loyalty savings scheme to encourage employees to save for the short term, with payments coming directly out of pay.<\/p>\n\n\n\n

The scheme is also linked to the company\u2019s business objectives, which, if met, means employees receive a bonus on top of their saving.<\/p>\n\n\n\n

As part of its overall financial wellbeing strategy, Anglian Water has rolled out a loan scheme after trialling it initially with 500 employees.<\/p>\n\n\n\n

After the pilot ended, 82% said that they valued it<\/a> and 52% said they would consider using it in the future.<\/p>\n\n\n\n

It comes down to providing a great workforce experience<\/h2>\n\n\n\n

For most people, money equals security and freedom. When people aren\u2019t on top of their finances, it can cause anxiety, stress, insomnia and other wellbeing issues that have a direct impact on someone\u2019s ability to function at their usual capacity at work.<\/p>\n\n\n\n

If you\u2019re looking for a differentiator to make your business stand out from the competition in the war on talent, then offering assistance to your employees to be financially secure is one way to do so.<\/p>\n\n\n\n

Remember, though, employees value a great workforce experience more than perks \u2013 so make sure you\u2019re getting value from support you\u2019re offering in more than the financial sense.<\/p>\n\n\n\n

If you\u2019re not sure if these are areas workers would value support in, then why not ask them?<\/p>\n\n\n

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Join 1.5 million subscribers and get the best business admin strategies and tactics, as well as actionable advice to help your company thrive, in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tSubscribe now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"\"\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Money concerns are one of the biggest causes of stress for workers. How can companies support employees\u2019 financial wellbeing?<\/p>\n","protected":false},"author":1118,"featured_media":6548,"menu_order":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[164],"tags":[119,133],"business_type":[4],"lilypad":[],"context":[],"industry":[],"persona":[211,250],"imagine_tag":[325,204,327,205,328],"coauthors":[400],"class_list":["post-325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-people-leadership","tag-employee-engagement","tag-hr-process","business_type-medium-sized-business"],"sage_meta":{"region":"en-ie","author_name":"Jessica Leyshon","featured_image":"https:\/\/www.sage.com\/en-ie\/blog\/wp-content\/uploads\/sites\/13\/2020\/01\/Fruit-dOr_X3_21-1.jpg","imagine_tags":{"325":"Employee engagement","204":"HR and Payroll","327":"HR processes","205":"HR software","328":"Top HR resources"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice Ireland","distributor_original_site_url":"https:\/\/www.sage.com\/en-ie\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/posts\/325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/users\/1118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/comments?post=325"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/posts\/325\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/media\/6548"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/media?parent=325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/categories?post=325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/tags?post=325"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/business_type?post=325"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/lilypad?post=325"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/context?post=325"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/industry?post=325"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/persona?post=325"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/imagine_tag?post=325"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-ie\/blog\/api\/wp\/v2\/coauthors?post=325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}