How Well Are You ‘Doing’?
Easing financial worries is good for them and for business.
How are your employees feeling? Your people are your business, so it should matter to you that they have a sense of wellbeing; that they feel confident, secure, happy.
If they’re not in a good place, there’s a fair chance that money is a major reason. Research has shown that 65% of employees want more help with their finances from their employer 1. And with wages failing to keep up with inflation, the cost of living continuing to rise, and final salary pensions schemes disappearing, many more people are likely to be losing sleep over money.
Poor financial wellbeing is also bad for business. It impacts engagement, productivity and succession. It’s reckoned that 76% of stressed employees say financial worries have had a negative impact on their productivity 2.
“Employers are in the driving seat when it comes to easing the pressure felt by employees to create a sense of financial wellbeing,” says Sharon Calderini of Wheel of Wealth Limited. “It’s good for them and for your business. Providing financial education for employees will aid recruitment and retention. After all, 42% of employees want their employer to provide any support to help improve employee financial wellbeing, so it can be a significant differentiator 3.”
At the heart of Pinnacle’s work with business owners is the desire to help them have a positive impact on the financial wellbeing of their employees. It works alongside financial wellbeing provider Wheel of Wealth to provide a financial education programme, tailored to the needs of each business and its employees.
“The programme is designed to help staff understand more about their financial needs and aspirations, and help them put in place a plan to feel more confident about achieving their goals,” adds Sharon. “Increasing financial literacy reduces stress. It’s an opportunity for employers to build a happier workforce and for employees to achieve what’s most important to them in life.”
Delivering this part of the wellbeing puzzle helps you to fulfil your duty of care to your employees whilst providing key support ito one of the main causes of anxiety in today’s world.
Financial education is just one aspect for employers to consider as part of an attractive employee benefits package. For explore more about employee benefits click here….
Following attendance on the Wheel of Wealth programme if your employee would like a 121 with a financial adviser this will be by way of an introduction from Wheel of Wealth to Pinnacle Wealth Management LLP.
Wheel of Wealth is a separate and distinct company to Pinnacle Wealth Management LLP and does not work in legal partnership with St. James’s Place Wealth Management.
1 Wagestream. (2022), The State of Financial Wellbeing
2, 3 2022 PwC Employee Financial Wellness Survey, January-February 2022: bases of 1,817 and 772 full-time employees