We are all undoubtedly feeling the strains of modern life. Whether it’s the financial implications of the rise in cost of living, stress associated with the pandemic and other current events. With that in mind, it is prudent that we, as employers and human resources managers, select benefits that can help take care of our employees, mentally, financially, and physically.
The Money Charity reported these concerning statistics in February 2022:
- 3 million more people in the UK are now claiming Universal Credit than at the start of the pandemic (4.1).
- 1 million adults in the UK went an entire day without eating over the past month because they could not afford to put a meal on the table (4.1).
- A fifth of UK households struggled to pay their TV, internet, and phone bills over the past year (4.1).
- 400,000 more people are now classed as ‘economically inactive’ than at the start of the pandemic (4.1).
#1 Financial wellbeing
Cutting to the chase, there are strong links between problem debt and poor health. The Health Foundation reported the following data, showing that being in problem debt is associated with worse self-rated health:
With this in mind, financial wellbeing must become a priority of employers to help ensure a healthy, happy workforce. But how can we help without offending or having awkward conversations? Simple: communicate the available tools in your employee benefits offering on a regular basis. That way, you are avoiding singling out those you assume are struggling with money related stresses.
We believe this is so important that all our packages come with the following freebies:
- Debt management services
- Credit score
- Tax refund assessment and claim management
- Money advice
- Employee Assistance Programme (covering a range of issues from health, money and relationship related issues)
#2 Mental wellbeing
As discussed above, we know there are equally known links between poor mental and physical health, and debt.
The FinWell London Financial diaries show how poor health and low financial resilience often go hand-in-hand and exacerbate each other. Poor mental health can make it harder to manage finances well, and is associated with worse debt problems during the pandemic.
As well as the financial services already mentioned, we also offer the following free services that can help manage mental health, alongside the appropriate health insurance provisions you may have in place for your staff:
- Mindfulness courses
- Health and wellbeing resources
#3 Stress management
You can help drive a culture that ensures mental health is not stigmatised. There are a number of ways you can do this, such as making your staff aware of the services offered in your employee benefits packages.
Additionally, you could promote stress busting techniques through your regular communications, posters and fact sheets in places such as communal areas and toilets.
- Identifying sources of stress
- Practicing the 4A’s of stress management: avoid, alter, adapt and accept
- Get moving
- Connect to others
- Make time for fun and relaxation
- Manage your time
- Maintain a balanced, healthy lifestyle
- Learn to relieve stress in the moment
You can also educate your teams on topics such as spotting and reducing employee burnout. And through this, encouraging your teams to foster a culture of compassion.
We know that many of us have the best intentions, but not necessarily the know-how or resource to carry out our plans. That’s why all perkpal accounts have a fabulous suite of built-in communication tools:
- Our announcement tool allows you to display custom and targeted news and updates for your employees within their benefits app.
- Newsletters are made simple with our easy-to-use email tool, allowing you to create data segments to tailor your communications where required.
- Getting feedback from your employees is a doddle with our survey tool.
Developing a simple communications strategy that focuses on educating your employees about their benefits is the best way to ensure everyone is well taken care of. Through a mix of digital and physical materials (and of course, promoting a culture of kindness!), you can avoid making anyone feel uncomfortable by cornering them in the corridor to discuss tricky topics like debt.
Book a demo today
Book a demo of our platform, chocked full of employee discounts, freebies, and benefits, and find out how we could help your staff make fantastic year-round savings and improve financial wellbeing.