85% of the companies who give their employees financial support say they’re doing it because it’s the “right thing to do”.
If that doesn’t convince you, here are the other reasons it’ll benefit you and your workforce.
1. Employee engagement can improve
80% of companies who help their employees deal with financial stress believe that it’s improving employee engagement across the company.
2. Financially savvy employees make better business decisions
If your employees have a better understanding of their own finances, it’s more likely that they’ll be financially savvy with your company’s money. This will help them to make better financial decisions at work.
3. An increase in productivity
It’s not rocket science. People who don’t constantly worry about their money have better concentration on tasks, engage more in creative problem solving and are significantly more productive.
4. Financially healthy employees have better health and take less sick days
Your financial well-being seriously affects your wider health. 8% of the UK workforce admit to taking time off work because of financial stress. Last year, it cost the UK economy £120.7 billion and 17.5 million hours were lost due to absence from financial stress.
5. Employees want support from you
You might worry that your employees will feel like you’re interfering when trying to support them with their finances. But actually, more than ever before, your employees want access to advice and guidance from you about financial issues.
A recent study revealed that 79% of European employees like the idea of employers helping their financial well-being.