A quick summary:
- Highlight your employee benefits 🔎
- Hold team-wide discussions 📣
- Encourage UK support and services for your team 💪
- Ensure employees are paid fairly 💚
- Financial education and reimbursement initiatives 💰
From the 6th 10th November 2023, the Money and Pensions Service (MAPS) hosts financial wellbeing week to promote better financial wellbeing for all. From Monday through to Friday, Maps are offering resources for better financial wellbeing for all.
From money discussions in school environments to conversations with friends and family, Maps helps make talking about financial wellbeing easier. To get involved, Heka wants to help Maps celebrate financial wellbeing week in November, with our own spin on the subject.
We're going to be looking at five unique ways your company can celebrate financial wellbeing week. Believe it or not, money worries negatively impacts 77% of employees at work and can be damaging for productivity.
If anything is certain, it’s that financial wellbeing is extremely important in the workplace of today - and as an economic downturn looms ever larger over the UK economy, we think awareness is key.
Celebrating Financial Wellbeing Week
When we say “celebrating financial wellbeing week” we’re referring to the numerous ways in which employers across the UK can spread the importance of financial wellbeing in the workplace.
The different things that can be put in place today that will have huge impacts on the financial wellbeing of employees for the foreseeable future. Take a look at the five ideas below on how your company can get involved in financial wellbeing week.
Your employee benefits should be highlighted
Providing your company offers a robust employee benefits scheme (and it should), then it must be highlighted to your workforce. A great benefits scheme considers ways to make a difference in the lives of employees in the immediate term.
For too long, employees haven’t been receiving ample benefits that really help them in life. Think subsidised gym memberships, life coaching consultations and work from home budgets to help with essentials like work stationery.
You should use your employee benefits package to promote financial wellbeing because your employee benefits can make life that little more affordable in many ways. Find ways this week to introduce your employee benefits materials, and if you haven’t already, put together a document of wellbeing benefits that your team can download.
Hold a team-wide discussion on financial wellbeing this week
While this is a great idea for financial wellbeing week, it is worth considering hosting regular discussions and workshops around topics like financial wellbeing. Believe it or not, one study found that 51% of employees are stressed much more about their financial circumstances today than they were during the height of the pandemic.
What’s more, these employees spend 25% of their working week battling financial issues - this of course poses a threat to many things in the workplace from retention, happiness and performance.
Conversations that highlight these kinds of figures can help leadership teams find better ways to support employee financial wellbeing. It also helps create a culture of openness and understanding around the topic. Ultimately, everyone is in a different financial circumstance, and in the workplace discussing difficulties around financial wellbeing is shunned and labelled a taboo.
Let your team share ways that they have improved their financial wellbeing, along with any personal stories of struggle and success that other team members have experienced. As a leader, it is a great idea to throw in any experiences or setbacks you have encountered in life, financially.
Encourage employees to find support and advice
By normalising the topic of financial wellbeing in the workplace, you can help your team improve their personal finances. Outside of the workplace, many charities and services can help employees with financial wellbeing. As we know, poor financial wellbeing can lead to all kinds of anxiety, stress and depression.
For instance, charities like StepChange offer free debt advice, and The Money Charity provides everything from webinars to workshops and more for people of all ages. There are services, charities and more to help with things from gambling addictions to savings and debt management.
Once you’ve spoken with your team, you’ll have a better understanding of the initiatives and services to introduce them to - better knowledge of the options to support them in improving their financial wellbeing.
Pay everyone fairly and consider promotions or salary increases
Of course, one of the best ways to celebrate financial wellbeing week this November is to consider promotions and salary increases. These are one of the most impactful ways to boost financial wellbeing and show that you truly care about the financial wellbeing of your team.
If some of your team are approaching a promotion, consider moving it forward to financial wellbeing week. Make a statement that financial wellbeing week should represent a time of improving the lives of your employees.
It should also highlight the importance to you as a leader to assess existing wages and find out if everyone is paid fairly. Benchmark current salaries against industry standards, and role-specific wages. This will give you a clear indication of any lack of fair pay.
Offer financial education and tuition reimbursement
Finally, improving in many areas of life starts with one thing - learning. If you’d like to see your team’s financial wellbeing flourish in November, consider financial education - This may be in the form of online courses through Udemy, bringing in a speaker this week, or hiring a financial coach for your team.
Many employers have also begun to embrace tuition reimbursements or help with things like distant learning (degree) costs. Initiatives like this can make an impact on the lives of your employees.
During financial wellbeing week, speak with your team regarding regular bills and costs they are struggling with - can you help them cover these costs? Will it improve their overall happiness which in turn will boost their workplace performance?
Using Heka to support employees’ financial wellbeing
Through Heka, employees have access to things like financial coaching, gym memberships, fitness classes and healthy meal deliveries - all things that can cost them money regularly, and in the eyes of your employee, are essential to their lifestyle!
By providing your team with a monthly Heka allowance, you are making their lives a lot easier, especially financially. There are more than 50+ wellbeing categories, and thousands of experiences, products and services to choose from.
Empower your team with a personalised wellbeing benefits platform through Heka. If you’d like to speak with our team regarding the benefits of Heka, you can do so by booking a demo!