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.