How to support the financial wellbeing of staff during the cost of living crisis
Worrying about personal finances can leave your employees feeling undervalued, distracted, and hopeless. Offering your staff assistance in difficult times could be the key to supporting their health and wellbeing, writes Nick Babington.
Prices in the UK are rising, as are the concerns surrounding the cost of living. These concerns are having a profound impact on mental health across the country. For many, they can spur on deeper worries, accumulating into debilitating stress and anxiety. Here at Health Assured, we have seen a 65% increase in finance-related calls over the last three months. These are turbulent times, and it seems they will continue.
CONSIDERING YOUR STAFF
Worrying about personal finances can leave your employees feeling undervalued, distracted, and hopeless. It’s a constant worry, which can inhibit their ability to work happily and productively. As a result, it makes sense to invest time and resources into supporting their financial wellbeing.
Offering your staff assistance in difficult times could be the key to supporting their health and wellbeing. Below are some ways you can help:
EDUCATION AND GUIDANCE
Financial education and guidance are a great way to support your staff. Even understanding their payslip can be complex – simplifying these processes and helping staff understand their finances can help alleviate feelings of stress and reduce absenteeism. As a result, your workplace becomes a more focused environment as employees are less likely to become distracted and disengaged. By providing this guidance, your staff members will know you care about their wellbeing, which can help motivate your workforce and increase productivity, morale, and retention.
ELIMINATE FINANCIAL STIGMA
It is no secret that a stigma exists around financial wellbeing. Feelings of shame and embarrassment often prevent people from discussing their financial struggles. For many, these worries are extremely personal and should not be discussed at work.
However, with the rising cost of living, more and more people are struggling to manage their finances. By having open and honest communication, you can help dismantle this stigma. Encouraging your staff to talk and share stories can help them realise they are not alone in their struggles.
LISTEN WITH EMPATHY
Financial worries can place a massive strain on people’s lives. Taking time out of your working week to check in with your staff is a must. When you engage with employees about their concerns, you must actively listen to what they share. This involves being fully present without daydreaming or thinking about what to say next. You must consciously decide to engage with your staff, stepping into their shoes and listening with empathy and understanding. Ask open questions that show your engagement with the conversation. These questions will make your employees feel heard and understood.
CONCLUSION
Give your staff the gift of financial wellbeing, minimising their stress and helping them live happier, healthier lives – and they’ll reward you with loyalty, focus and hard work.
Nick Babington is the sales director of Health Assured. He leads the growth of Health Assured’s Employee Assistance Programme (EAP) service through insurer and provider partnerships, insurance brokers, occupational health partners and the direct market. His main objective is to drive workplace wellbeing with industry-leading employee support across organisations of all sizes. Contact Nick: nick.babington@healthassured.co.uk
