How to Look After the Financial Wellbeing of Employees

03 July 2020 10:27:22 BST
4 mins read

The word 'uncertainty’ is one we’ve all been hearing and using a lot more in recent months. In the past 100 days society has faced challenges - many of which have led to increased anxiety especially regarding personal finances for employees. The mental health of employees in the workplace is something that has become more important over the past few years, however an often ignored part of that mental health includes financial wellbeing. 

What is Financial Wellbeing?

Financial wellbeing is the idea of having a sense of security when it comes to money. This includes the feeling of having enough money to meet your needs and having control and financial freedom to make individual lifestyle choices. Having financial wellbeing is the absence of worry and stress that often comes to mind when you think of money. As an employer or manager the financial wellbeing of your employees is more important than you may first think. Supporting your employees in feeling as safe and secure as possible is one way to increase employee engagement

Promoting and supporting the financial wellbeing of employees in the workplace can help reduce stress. We are all adapting and often struggling to cope with the new normal. Employees who are also parents are trying to juggle childcare and home schooling whilst working from home. An estimated 8.6 million people in the UK have experienced a loss in income and are having to stretch their budgets further. This added worry may be having an impact on productivity and motivation at work. Research shows prior to the Covid-19 pandemic almost half of all UK households were experiencing some type of money worries. More than 1 in 4 workers are currently furloughed in the UK which will have impacted these figures greatly!

With so many employees experiencing financial insecurity, managers and employers should be mindful that this can leave a significant mark on overall wellbeing, it can cause sleep deprivation and difficulties concentrating. A recent study showed that 89% of employers agreed that financial worry impacted their staff’s performance. Talking about finances and financial worry is awkward, however offering financial wellness support is a way to further support your employees.

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Ways to Improve Financial Wellbeing at Work

The financial effects of Covid-19 are far reaching, a reduction in household income is unfortunately commonplace. The support being offered by business owners and managers that can have the biggest impact, without them having to incur an additional expense with financial aid and actually one that saves them money is an employee discount scheme. This enables employees to receive discounts on goods and services when shopping online through the scheme, saving on everything from the basic groceries to household appliances. This supports both the wellbeing of employees and their wallets.

Over the course of the year, the savings through an employee wellness scheme accumulate astoundingly, one employee was able to save £1000 per year using our portal. Often these savings work out as being more than what may typically be offered as a pay rise. Employee discount schemes also help to increase staff engagement, build positive workplace culture and increase staff retention.

Here are some of our top picks to help stretch your employees budget further.

1. Groceries

Savings from Sainsbury’s can lower the week’s food bill without leaving anything behind on the shelf. The average food bill for a UK family was £4085 in 2019. A 5% saving on this totals £204.25, better spent where it’s needed more!

2. Fresh Food Boxes

Hello Fresh offers meal kits which reduces the need to plan and shop, ingredients arrive prepared so cooking takes a lot less time - perfect for the busy employee who has no time to cook yet still wants to maintain a healthy lifestyle With a hefty 35% discount, there are both time and financial savings to be made which supports employees health and wellbeing.

3. Internet

With more free time and the need to work from home during lockdown, phone and internet usage has rocketed. Through our discount portal you can offer your employees a discount on products from EE. With varying discounts on contracts alongside a discount on broadband, all communication needs are covered!

4. Health & Wellness

  1. Exercise has proven mental health benefits, a key factor to staying sane and productive while working from home. Encourage your employees to keep moving, with discounts on monthly subscriptions for online classes on our portal.  

If you would like to offer your employees these staff benefits and more, Staff Treats can help. With over 1500 offers and discounts you can help your employees make huge savings and ease their anxiety regarding finance. Contact us today for a demo to find out more.

Written by Stephanie Butter

All-round happy lady who enjoys writing, cooking, jewellery making and yoga, but not at the same time. In a former life travelled full-time, but now back home in England enjoying the beauty it has to offer.

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