Enhancing employee financial wellbeing: why it matters to your organisation
While organisations may be aware of the need to support staff with their physical and mental wellbeing at work, few give much thought to their financial health, writes Marianne Curphey. Yet many employees are feeling greater levels of financial stress due to rising costs. There is growing evidence money worries can dominate people’s lives and affect performance at work.
This article is taken from the Leadership Supplement from
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“The right behavioural interventions can empower employees to make more sustainable financial decisions, enhancing their wellbeing and, in turn, lift productivity and engagement.”
Emily Trant, chief impact officer at Wagestream, a workplace financial wellbeing app, said that worrying about bills, having to handle unexpected expenses and fearing the next rise in housing or fuel costs can affect the cognitive performance of colleagues and their ability to work at their best.
Speaking at the CIPD conference and participating in the discussion on ‘How behavioural science can level up your FinWell strategy’, she described how studies show that chronic financial stress can diminish cognitive function by up to 13 IQ points.
“Financial and mental health issues are affecting a significant proportion of the workforce and it affects their wellbeing and performance,” she said. “Employees not only need this support, but they expect it.”
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