Supporting the wellbeing of your team

One of the key challenges that businesses are facing right now is understanding what they can do to help their teams achieve financial wellbeing. In a recent survey conducted by the Chartered Institute of Personnel and Development, 70 per cent of respondents cited the cost-of-living crisis as one of their biggest challenges for 2023.

Against the backdrop of double-digit inflation and soaring energy bills, employers are wondering what more they can do to prioritise financial wellbeing for their teams.

Financial stress and workplace performance are of course linked, causing increased absenteeism and loss in productivity. 77 per cent of employees say they have spent time at work worrying about their finances, while the estimated cost of sickness absence for UK businesses is £554 per employee.

The good news is that there are things that you can do to help your employees feel less stressed. There are three key strands behind a successful financial wellbeing approach.

Encouraging staff to save

Figures suggest that one in six adults in the UK have no savings at all, while a quarter have less than £100 put away.

It is recommended that everyone should aim to have three months’ worth of expenses saved. Helping teams to save for rainy days and unexpected bills is therefore vital – boosting their capability to cope with spikes in their expenses.

Enabling staff to borrow

Many people find themselves excluded from the financial mainstream and, when faced with a borrowing need, end up resorting to high-cost sources of credit.

Providing access to affordable credit is therefore key –reducing the risk of employees falling into a debt spiral.

Helping staff to make informed financial decisions

The third strand is providing employees with the information and tools to help them make the right financial choices.

Commsave’s CURight website is an online wellbeing portal – packed with articles, tips, and tools – designed to help members better understand their finances.

The benefits to your business

The chances are that staff recruitment and retention are high on your list of concerns, and you’ll no doubt be fully aware of the costs to your business of high staff turnover. Offering a comprehensive staff benefits package has never been more important. As the saying goes, ‘Look after your staff, and they’ll look after your customers’.

Enabling employees to save direct from pay not only complements your existing benefits package, but it also makes good business sense. Employees that are financially resilient spend less time at work worrying about their money, reducing absenteeism and presenteeism, and boosting productivity.

So not only can you make your company the one that people want to work for, but you’ll also be helping your team to make the best possible contribution to your bottom line, at the same time as improving their financial wellbeing.

Get in touch

To find out more about how Commsave can support your team with their financial wellbeing, get in touch on:

0303 0402 660 www.commsave.co.uk/partners

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