In a business world where staff retention is more important than ever, maintaining employee wellbeing and happiness is a key part of successfully running a business.
Encouraging better financial management amongst your team can actually tie into your employee perks, as utilising tools to raise financial awareness amongst your staff will keep them motivated, productive and free of the stresses of one of life’s bigger pressures.
This is a brief guide on how you can boost financial savviness across your business, via three simple but effective methods.
Offer Financial Assessments
The chances are your team will range from those relatively on top of their finances to those more or less clueless on financial strategy, probably because they’ve never paid much thought to it.
Offering financial assessments through the business will allow each of your employees to get an insight into their current financial setup and identify areas for improvement, alongside highlighting areas where they’re doing well.
If you have staff struggling with financial anxieties that are distracting them from their work, an assessment can help them gain an understanding of what’s causing them trouble and encourage them to set targets towards dealing with whatever debt or pension concerns they may have.
Encourage Monthly Budgeting
An alarming amount of people today operate without even the simplest of money management techniques. When it comes to monthly budgeting, many of your staff may just spend the pay packet in front of them, with no regard for their financial future.
Recommending a culture that promotes a monthly budget is a great way to introduce some of your less financially astute staff to basic budgeting principles. Concepts like keeping track of spending, identifying areas to cut back on and setting aside savings are key life skills that will help open your team’s eyes to the importance of good financial management.
As well as leading to better financial practices, it’ll hopefully encourage a better individual structure that your employees take forward into the workplace.
Offer Personalised Support
While general assessments and basic budgeting ideas are a good starting block, taking things to the next level and offering personalised consultation to your staff will guarantee improved financial wellness across the business.
Many companies these days are bringing in financial coaches to advise their staff, with tailored strategies helping individuals to truly get on top of any financial issues once and for all, as well as offering future planning benefits as well.
A coach can install a financial confidence in your team through increased expertise, better decision making and structured goal setting, which is priceless experience for the future.
With the stresses and anxieties of financial management under control, your staff will be able to better focus on the more important parts of life. That means happier staff and home, and therefore happier staff at work. Thus, better financial wellness leads to increased productivity in the workplace.