How to talk to your employees about financial well being
Money worries are keeping your employees up at night and affecting their work.
Statistically speaking 70% of all employees are worrying about or dealing with personal finances at work.
- 64% are worried about unexpected expenses
- 62% are worried about inadequate savings
- 57% are worried about rising living expenses
But you really wouldn’t know.
Financial stress is a relatively silent problem. If you look around the office floor, it would be difficult to pick who may be needing or wanting some extra support, some additional resources or someone to talk to about their money.
And herein lies the problem.
How do you address something when you aren’t sure it exists and to what extent?
The easiest way to think about this is to accept that if your business employs people, then you have some level of financial stress amongst your employees.
Our finances are integrated with every aspect of our lives. From the day to day of paying our bills, to affording the experiences and things we want and want to do in life, to providing for our security in the future. For many people, having enough money means having a choice. Not having enough money means not having a choice. This distinction can impact individuals’ happiness greatly.
It’s no wonder money is a leading cause of stress for everyone.
So what can an employer do to help?
Here are some ways to improve communication and encourage employees to talk about financial wellbeing at work.
- Position it right
Ever heard the saying start with the end in mind? Too often, employers get the introduction all wrong.
They start with the how, instead of the why.
They jump straight into a workshop around understanding your superannuation contributions – talking about the how.
You’re not here to ‘save’ your employees, you’re here to give them a platform to thrive!
The introduction is your chance to demonstrate leadership, flex your corporate wellbeing muscles and genuinely show up for your employees with benefits that are here to support them on their life journey not save them from themselves! This mindset shift is greatly needed as it will drive participation, engagement and business results you are looking for.
It’s time to rethink your wellbeing strategy, from a box ticking exercise disguised as a few webinars each year to an integrated solution that gives them the flexibility to learn, grow and thrive through all of life’s ages and stages.
- Show them you’re serious
Genuine improvements in financial wellbeing cannot be obtained with a tick box exercise; it’s not something you can discuss once, pay lip service to or ignore.
Not only will it not work, employees are astute and can tell when the organization is making a genuine effort or not.
If your organization is serious about opening up a discussion regarding financial wellness, you need to start by showing your employees you take financial wellbeing seriously. This will require taking a different approach than most of your competitors and standing out from the crowd with a comprehensive solution.
By showing a duty of care, your employees will feel valued and make the very most of the benefits package available to them. Higher engagement and participation will drive organic conversation about financial well being which is key to driving a more ‘financially well’ culture.
- Provide Options
Not all employees feel comfortable engaging with discussions around their finances in the same way. Some are naturally social and prefer to learn through group experiences, meaning workshops are the perfect way to engage.
Others are quiet and private and like to interact independently with support and so confidential coaching sessions and self paced learning are the preferred tools. Ensuring there is something for everyone promotes participation and a collective engagement with financial wellbeing – meaning you have a modality to direct your employees towards – whatever their preference.
- Create a language
Just like we have with mental health we have expanded the language around mental health to include a wide range of experiences that fall under the one banner. Stress, anxiety, unhappiness, are more common experiences than say depression as one of the most severe forms of mental illness.
We need to do the same for financial wellbeing. We need to create a language that identifies not just those in severe distress as in need of financial wellbeing support.
By widening the scope to include those who would like better planning, organization and direction with regards to their finances – we reduce stigma and normalize the concept, making it something just about everyone can and should be able to benefit from.
For example, at MoneyHappy we take the view that money is a tool and it can be used to help you afford the things that make you happy in life. That is a language and message that is applicable to just about everyone!
- Embed solutions in the employee experience
If you’re providing a comprehensive program to your employees then you should have the ability to embed your suite of solutions into every aspect of your employee engagement experience.
For example, you have a staff member going on maternity leave – what conversations and resources do you have around this period of leave? At MoneyHappy we employees can utilize the 1:1 personal coaching service available to all employees to address any financial concerns or anxieties around this life changing period characterized by lower income, higher expenses and decisions around return to work timeframes.
Or maybe you have a new graduate starting? This is a challenging and exciting time for an early career employee with many decisions linked to personal finances. What resources can you provide to them that fit under the banner of financial wellbeing? At MoneyHappy we can create these bespoke employee resources and content journeys relevant to your organization and benefits.
Including this information in communication with employees creates an embedded financial wellbeing experience throughout the business.
