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Financial Wellbeing

"MONEY MONEY MONEY!" as sung by ABBA, is a big part of everyone's lives. Everywhere we look right now, we are being reminded of the rising prices of bills, and it's often exhausting hearing about money lack through friends, on the news, or on the radio. So what can you do as a manager to help reduce this stress in the workplace?

Financial wellbeing is about feeling secure and in control, knowing you can pay the bills, deal with the unexpected and are on track for a healthy financial future. This sense of control is essential for teams because people who feel confident in their finances are generally happier and more engaged, which results in higher productivity at work. By helping employees improve their wellbeing, you can simultaneously improve retention and morale and raise overall happiness.

Many managers see 'financial wellbeing' as having more money and think the fastest and easiest way to do this is by upping salaries. Although giving someone a well-deserved pay rise can help with money worries, it is not the only thing you can do for your team, and it's not always possible. So, what else can you do to help support your people more... read on!

Pay a fair salary

There are many ways of defining 'fairness' regarding salary. Here are a few top tips:

  • Consider the true cost of living

  • Be transparent about how pay is set and how people can secure a pay rise

  • Review current salaries across a team to ensure any differences are fair and reasoned

  • Communicate directly to staff about any changes

  • Communicate openly about company financial targets

In being more aware of these elements and communicating them clearly, you will feel happier knowing you have been able to support your team, and everyone else will feel safer because of the clarity.

Ensure expenses are paid on time

One of the easiest and best ways to help people with the cost of living is to ensure you have an expenses process in place and that any claims are paid on time. Staff who feel they will receive their money back regularly and on time will feel supported and trust the company to look after them the right way. If you have any concerns about drawing up an Expenses Policy, you can speak to an HR consultancy like ours or your accountant.

Offer perks that help with common money worries

What perks do you already have in place for employees? Have you communicated these recently? If not, remind people what is available and how they can access them. During this time of rising living costs, it is an idea to look at what additional benefits you can introduce or if there are some you can replace because they're not being used. Access to discounts and freebies always help, even if it is just a free coffee a week, or a free tuck box in the office. Engage with your team and ask them what they would like

Share information about useful financial products and services

As a business owner or manager, you may come across products, services, or articles about money or how to be cost-effective as a business. This is a great opportunity to share with your team, whether it relates to business or personal finances!

Offer support where needed

As a manager one of the best things you can do for your team is give them support for both work-related issues and personal issues. It is known that if your employees feel they can talk to you and confide in you, they are much happier at work. Ask yourself this question today, can your employees come to you with their worries? Have you encouraged them to open up and share any concerns affecting how they feel and act on a daily basis? Have you considered if they need somewhere confidential to go outside of the business to raise any concerns, particularly if you have a small business without an HR team?

Whatever you do, as with anything related to your people, communicate openly and honestly and if you know your team may be worried, open up the conversation for them. Ignoring something because you're not sure what to do or say will only make the problem worse. If you need help on how to have those conversations please do reach out to us at Limelight HR on [email protected]