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Financial wellbeing is fundamentally important to all employees, yet it is the least common area included in HR strategies, despite money worries affecting 47% of UK employees.
Financial wellbeing is more important now than it ever has been, as we leave a global pandemic and enter a cost-of-living crisis. This can cause significant amounts of stress, sleepless nights and unproductive days at work, detrimental to both the employee and the employer.
Poor financial wellbeing is costing UK employers an estimated £1.56bn every year, through increased absenteeism and a decline in productivity.
Financial wellbeing should therefore be built into a company’s wider wellbeing strategy, alongside mental and physical health initiatives, as they all go hand in hand and are equally important.
Our HR experts will work with you to come up with some bespoke ideas on how to help your employee’s financial wellbeing. We will review any initiatives you currently have which may offer financial health support you did not know about, such as your Employee Assistance Programme (EAP). We can also coach you on having open discussions with staff about their finances, it does not have to be (and should not be), a taboo subject. We can also help you build a financial wellbeing policy which will show your staff your commitment to the topic and that you are taking it seriously.
It’s important that we understand the culture of all our clients so we can tailor HR solutions appropriate to you.
By becoming a true extension of your business, we can provide the right HR services that are beneficial for your business.
Peach Law are based in Cheadle Hulme, and provide HR services across the UK including Manchester, London, Stockport, Liverpool, Warrington, Chester and Cheshire.