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Calls for strategic financial wellbeing support

by Kavitha Sivasubramaniam
31/07/2023
financial wellbeing, financial support, SMEs, financial worries
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Financial wellbeing support offered by UK employers should be strategic, according to a new guide.

NHS employers worked with the National Forum for Health and Wellbeing at Work to provide advice for organisations that want to help their staff manage their finances, particularly in light of the cost-of-living crisis.

The financial wellbeing guide suggests employers take a long-term, strategic approach to supporting their workforces, emphasising the urgency of breaking down taboos about discussing money. It also offers best-practice case studies from businesses that have successfully implemented initiatives to ease the effect of rising inflation on workers.

According to the Forum, urgent action is needed, and organisations should ensure their strategies are data-driven and targeted to ensure any interventions make real difference. It also recommends they should be inclusive and proactive so best protect and improve the financial health of the workforce.

Sir Cary Cooper, professor of organisational psychology and health at Alliance Manchester Business School, said: “It’s clear that having a workforce that feels financially secure is as important to employers as it is to their employees.

“It will create a happier and more productive workforce, alleviating some of the concerns that might be preventing them from being their best at work.”

The forum’s first guide, which was released three years ago, stressed how the Covid-19 pandemic was negatively affecting employees’ financial health.

 

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Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
byBenefits Expert from Definite Article Media

As the professionals responsible for helping their organisations navigate NI hikes, rising employee stress levels and looming redundancies, the pressure on HR, reward and benefits teams has never been greater. 

HR is expected to lead with strength and compassion. But who is supporting the supporters?

In this episode of Benefits Unboxed, co-hosts Claire Churchard, Carole Goldsmith and Steve Herbert explore the emotional and ethical pressures HR face today, from managing redundancies to implementing complex legislation. They discuss why HR’s own wellbeing may not be the first topic of conversation, the risks that poses to employers, and the practical steps businesses can take to better support the wellbeing of the people who support everyone else.

This conversation shines a light on the resilience of the profession and why looking after HR is not just the right thing to do, but a business imperative.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
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