Shrewd employers recognise that a thriving workforce is productive in today’s ever-evolving business arena, where talent is the lifeline of success. Yet, amidst the hustle and bustle of corporate demands, one critical aspect often gets overshadowed – employees’ financial wellbeing. A recent report from PwC has illuminated a startling reality: poor financial employee wellbeing costs businesses dearly. For every £1 million spent on payroll, a staggering 4% loss in productivity ensues due to employee financial stress. It’s a clear signal for all employers aiming at success.
The financial wellbeing dilemma
Many of our employees will be battling economic stressors that impact their job performance. Debts loom large, emergency savings are scarce, and retirement planning may seem like a distant dream. This financial anxiety translates into absenteeism, reduced productivity, and impaired decision-making. It’s not just about numbers on a spreadsheet; it’s about the human cost – sleepless nights, tired minds, and distracted workdays.
The power of employers
But here’s the silver lining: employers are crucial to transforming this narrative. We are more than just job providers; Our duty is to provide jobs with wellbeing. By seamlessly weaving financial wellness into our workplace fabric, we can create a workforce that’s surviving and thriving.
The business case for financial wellness
Minimising costs: Imagine a workplace where healthcare costs plummet and absenteeism becomes a rarity. Financially stable employees proactively manage their health, reducing costs and creating a vibrant, healthy workplace.
Boosting productivity: Financial stress erodes focus and efficiency. Employees worried about finances are like ships adrift, aimless and unproductive. Addressing these concerns becomes a productivity booster, ensuring sharper focus, enhanced efficiency, and a vibrant work atmosphere.
Becoming an employer of choice: In the competitive talent landscape, we don’t just want employees; we want engaged, loyal, and inspired team members. By fostering financial wellbeing, we become magnets for top talent. We’re not just a workplace but a nurturing haven for professionals who want more than just a job – they want a fulfilling career.
Taking empowering steps
So, how do we translate these ideals into action? We engage, educate, and empower. Through financial education, interactive workshops, and personalised counselling, as businesses we can equip our employees with the knowledge and tools to navigate their financial journeys confidently. We invest in a brighter, more productive future by investing in their financial wellness.
At Innoteq Engage we take employee financial wellness seriously, and are dedicated to helping our and your employees thrive. We offer tools and resources, accessible through our innovative benefits portal, to help those going through financial stress – these resources are available in the Wellbeing Centre and Assitance Hub –with expert guides, tips and tools to help with money management and improve financial wellbeing. Moreover, our free, 24/7 telephone and online counselling service, handled by certified professionals, is available to help those needing to work through issues with a counsellor.
Investing in prosperity
The business case for prioritising our employees’ financial wellbeing is not just strong; it’s imperative. It’s an investment that pays dividends in reduced costs, heightened productivity, and an unparalleled employer reputation. As we embrace this holistic approach to employee wellness, we aren’t just nurturing a healthier, happier workforce. We are future-proofing our organisations, ensuring they stand tall and resilient amidst the challenges of tomorrow.
Welcome to a workplace where financial wellbeing isn’t just a program; it’s a promise. With Innoteq Engage you can sculpt a thriving future for your employees and business.
Let’s build a prosperous future together. Contact us to find out more.