by Mike Wilson | NOVEMBER 2017
For most of us, employment is the main source of income and financial security in our lives. Does it not seem strange that employers are rarely the first port of call for financial support, education or guidance? It is also in the employer’s interest to help. According to a recent survey by CIPD, one in four employees say that financial worries impact their productivity at work.
This is the 3rd and final part of our blog on how technology can improve the workplace and make life better for employees. We have covered health and work/life balance. Now let’s take a look at how the same technology can help to improve their employees’ relationship with money.
Education There is clearly work to be done on educating employees. For example, a recent survey by Ellipse showed that only 9% of employees value income protection insurance. Position your benefits communication platform as the first place to look for information on financial benefits. Use simple language to explain why each benefit is important to long term financial wellbeing. You can also use this to direct your employees to the right place to go for advice when required. Take this further by incorporating financial education programmes from companies like Better with Money. Promote these workshops through the same communication platform.
Support From the same CIPD Survey on Financial Wellbeing, 3 in 5 workers report that they are facing obstacles in managing their financial situation. Give them a helping hand with Pension calculators, budgeting tools and money saving tips that can all be hosted on a workplace hub. This will alleviate employees’ concerns and allow them to focus on their work. This will also cement your position as an employer who cares about your employee’s financial wellbeing.
Career If employees can see a defined career path then they are more likely to visualise a wealthier future. Support your employees with an employee-led, learning and development plan. Giving them control over their vocational training will help them to map out a career path that will meet their needs and improve their finances over the long term. These schemes can be managed and approved using a workplace hub, saving HR time and improving staff retention.
Savings Retirement concerns can be alleviated by saving as much, and as early, as possible. Emphasise the importance of workplace savings and make it easy for employees to save. A communications hub can de-mystify pensions and highlight the benefits of saving through a pension or share save scheme. You can also use technology to make it easy for employees to increase their savings contributions.
Flex In the modern, multi-generational workplace, providing employees with the opportunity to shape their benefits is more important than ever before. Giving your employees control can give them a feeling of ownership of their benefits. If the selections made are more relevant for each individual then this should increase buy-in across your workforce. A centralised hub can manage the employee choices and dramatically improve both data quality and HR efficiencies.
We would love to hear your thoughts on this 3-part blog. Please get in touch for a chat to explore how Lightbox Reward can help you support your employees and improve engagement in the workplace.