We were delighted recently to speak at REBA's (Reward and Employee Benefit Association) wellness conference.
Well over 200 businesses attended and via key note speakers and case studies, saw the benefit that an integrated wellbeing strategy can deliver to boost engagement, productivity, acquisition and retention of staff.
We focused on financial wellbeing and as opposed to just talking about what works and what doesn't, we demonstrated the impact of 'doing' by making them the delegate and giving them a very small snippet of financial wellbeing in action.
Over just 10 minutes we showed the power of an annual pension statement - that piece of paper that arrives once a year and then gathers dust for most people in an admin tray - and just how much you can earn without paying any tax at all!
It was always going to be a tough gig as we were talking to the most financially-savvy people in their organisations. However, in just a 10 minute session, around 60% of the audience said they had learned something and around 50% of the audience was inspired enough to say they were going home that night to review or make changes to their own finances!
Financial wellbeing is currently the poor relation of wellbeing in the workplace with only 24% of companies with wellbeing strategies confirming they have it. However, it is vitally important with recent research from Neyber showing and estimated 17.5 million lost production hours due to staff worrying about money.
The crying shame is that it's neither difficult nor expensive to fix. A financial wellbeing strategy that is inclusive for all staff but that provides targeted support for those most at risk can be quickly and easily introduced to any size and shape of workforce.
Employee Wellness Conference: Organisations need to put more effort into financial wellbeing. Organisations are largely overlooking the importance of financial wellbeing, according to Close Brothers, with less than a quarter (24%) including it within their general wellbeing strategies.