FINANCIAL WELLNESS
EMPLOYEE FINANCIAL
WELLNESS PROGRAMMES: how do they support recruitment and retention?
Good employers strive to create healthy and supportive working environments for their staff. However, they have less control over the stress and worry that many members of staff experience outside of work, in their daily lives particularly over financial issues. Marianne Curphey reports.
F
inancial worries are a major source of stress. This can impact their performance at work, and lead to
absence, sickness and poor performance. On the other hand, employers can support staff with education around financial wellness and stress reduction. This can also be a way of recruiting and retaining talent and creating a healthier work environment. A number of reports have highlighted
how stress and worry can affect the morale and performance of employees. The Money and Mental Health Policy Institute’s recent research found that 2.3 million people in the UK are experiencing mental health problems that affect the amount of paid work they do. Zurich’s Cost of Resilience report found that more than eight in ten
(84%) people questioned said they wake up at night worrying about their finances, with a fifth (19%) waking up more than once a week. While health and relationship issues
were the biggest concerns, money worries, including being unable to pay bills, debts, and job insecurity were also high on the list.
A survey of 1,000 SME workers by
financial advisers Drewberry found some more than 1 in 3 workers had taken time off in the past 12 months to deal with stress or a mental health problem. The youngest workers were also those most worried about money and feeling stressed at work. One third of those questioned said benefits and perks were a key attraction when looking for a new employer.
Employee wellbeing and financial wellness programmes So how can employers help their staff, particularly those in organisations where staff are most likely to be millennials, struggling with money issues? James Lloyd-Townshend is CEO of
Nelson Frank, a niche technology recruiter. The company actively encourages employee wellness through its Frank Wellbeing and CSR programmes. “People are your biggest asset, so nurturing
the physical and emotional wellbeing of employees should be one of your top priorities,” he says. “Reports indicate that health and financial
worries top the list of employee concerns, and if your staff are facing issues, you’ll need to have the capacity to alleviate any concerns they have.”
36 | Relocate | January 2019
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