Five tips to make sure your financial wellbeing strategy is up to scratch
Understand your employees’ needs
The key is undertaking both quantitative and qualitative research. For example, look at the benefits on offer and the take up rates. Are certain benefits more popular for certain cohorts? Is poor take-up because the benefit isn’t attractive or is it that staff don’t understand how it could help them?
Develop an appealing savings package
It can help to look at the following needs:
- Short term – this may include saving for a car, holiday, wedding or a deposit on a first home. Cash ISAs, LISAs or share scheme such as Save as You Earn can be useful.
- Medium term – such as saving for school fees, moving house or other larger purchases. Equity ISAs or savings vehicles such as a Share Incentive Plans may be useful.
- Long term - traditionally the pension is a core part of retirement savings.
Jonathan Watts-Lay, director, WEALTH at work
Provide financial education
Providing financial education can help staff make the most of their workplace savings and benefits. The key is to offer a range of topics, from general money management to share scheme launches and maturity, and retirement planning.
Maximise employee engagement
Any financial education should be engaging. The most effective way is through face-to-face seminars or one-to-one sessions. However, online education formats including digital nudges, webinars, webcasts, animation and interactive microsites can offer an effective method of communication.
Bring in a provider
For employers who cannot offer this support themselves, specialist financial wellbeing service providers can help develop a tailored strategy.
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