Should you give support and guidance to your staff on financial matters?
Employers are making clear strides when it comes to caring for the physical health of their staff members, but what about their financial health support?
At a time when employees are struggling financially, and the top talent is in higher demand than ever, it’s important that employers work to help their employees with their financial health. By ignoring this aspect of employees’ wellbeing, they risk losing them to competitors and fail to deliver a holistic strategy.
A recent report by UK Employee Benefits Watch, based on 450 UK employers representing approximately 1.8 million employees, reveals that more than two-thirds of UK employers are failing to provide the financial support and guidance required by employees in the workplace. Most employers now have pension schemes in place, thanks to the auto-enrolment provisions, but there is little focus on addressing employees’ short and medium-term financial needs.
Providing adequate financial guidance is not only important for employees but is also beneficial for employers, because it means that by nurturing your biggest competitive advantage, they are not hampered by the myriad effects of poor financial health.
If you would like to get further advice about how and when to turn to for financial advice for your employees please get in touch. We’d love to hear from you and signpost you to some renowned providers.