Wider view of employee healthcare

WELLBEING IN the workplace has been a talking point for some time now, with employers realising that, to attract and retain key talent, they need to consider the overall benefits package, rather than just an annual salary. Although childcare vouchers, private healthcare and, of course, auto-enrolment pension schemes are now widespread, many individuals, of all ages and levels, are looking for additional areas in which a company can support them, both personally and professionally.

Wellbeing itself often conjures up perceptions of physical health, however according to a report from the HM Treasury and Financial Conduct Authority, 57 per cent of employees express an interest in working for companies that offer them advice on financial matters. In a society that is living longer and longer, this is becoming an increasingly important focus.

Financial education was introduced into secondary schools in 2014 and is also now being taught in some primary schools. While the younger generations are thus becoming aware of their financial choices, many of their parents are not sufficiently versed in the opportunities that abound and how best to access them. Consequently, a broad swathe of adults face an uncertain future when it comes to their retirement choices, or how best to save or invest during their working years.

Although some millennials may consider pensions too far off to focus on now, many in their 40s and beyond are starting to wonder what they will live on, if they do not begin making serious provision. These financial concerns, coupled with day-to-day pressures, can impact upon work and affect productivity and motivation.

For employers who understand that their staff are often their most valuable asset, introducing opportunities for employees to learn important money facts and to be informed how they can use existing benefits to their advantage, can help allay fears as to what their future holds, making them less anxious and stressed. Having this as part of the overall benefits package means you, the employer, will not only attract the best talent but can also nurture them long term.

This education can be provided in the form of in-house workshops, bespoke to each organisation’s requirements. These help both you and your employees look at and build upon long-term financial goals; helping to secure a more robust financial future.

Employees normally attend a workshop and follow this up with an individual consultation tailored to a particular area of concern they may have, but it is also possible to request an individual meeting as a starting point for any members of staff wishing to have one.

With the surge in the nation’s interest in mental health issues and wellbeing in the workplace, anything companies can do to nurture and protect their employees, to make them feel happier and more empowered in their financial choices, should help the organisation to grow and thrive.

Nurture your employees’ financial wellbeing’

Adam Katten is managing director of NLP Financial Management,

020 7472 5550, adam.katten@nlpfm.