For many businesses, the only way to survive during the COVID-19 pandemic was to implement remote working practices. Employees would fulfil the exact same role as in the office, but from home.
However, all restrictions have now been lifted, meaning employees are slowly transitioning from full-time remote work to going back into the office. That means spending a pretty penny on necessities such as travel, food, and, for many, an updated office wardrobe.
This is a particularly stressful time, and even more so for those whose partners have been made redundant or spent months on furlough. So, as an employer, how can you nurture and support the financial wellbeing of your team, ensuring their performance doesn’t suffer? In this blog, we’re going to explore everything you need to know.
What Does Great Financial Wellbeing Look Like?
Financial wellbeing is defined as feeling secure and in control of your finances. People whose financial wellbeing is at its peak can typically:
- Pay for current bills and outgoings
- Comfortably deal with unexpected circumstances
- Make spontaneous one-off payments with ease – e.g., a new car
- Be confident about a financially secure future
On the contrary, poor financial wellbeing often sees people with a host of monetary worries. Perhaps they consistently fall behind on monthly payments, have little to no money to spare, or are in debt.
How Can Your Team’s Financial Wellbeing Affect Their Performance in Work?
Before we dive into the steps you can take to support your team, let’s look at the consequences of poor financial wellbeing. Unsurprisingly, those who struggle to stay financially secure and in control of their money can experience a host of mental, physical, and emotional side effects.
Some of those are:
- Loss of sleep
- Reduced motivation
- Wandering mind
- Decreased productivity
- Depression & anxiety
- Increased time off work
Without a doubt, the financial wellbeing of your team could have a detrimental impact on your business. So, it’s time to make a change.
Communication is Key
As an employer, it’s crucial that you talk to your employees about their financial wellbeing. Although you may not be an expert where money is concerned, your support is enough. When the weight of financial stress takes over, it’s even harder to manage if your boss isn’t on your side. Talk to your team about their financial situation and encourage them to open up. This way, you can find a solution together.
How to Nurture the Financial Wellbeing of your Team Post Covid
It’s your duty to ensure your team is happy at work, even though their problems may stem from outside sources, such as their finances. But luckily, there are lots of things you can do to not only improve their mental wellbeing, but boost their financial wellbeing, too.
Here are some perks you could implement:
- Free food or drinks
- Dental care plans
- Free/partially paid for travel
- Childcare vouchers
- Discounted gym memberships
Is it worth spending the money? Absolutely. Your team is one of your greatest assets. If they feel unsupported at work, they could start looking elsewhere for a job with more perks to support their financial future. By introducing such perks, you’re not only supporting them financially, but strengthening your connection as a team at the same time.
Help Via Organisations
There are many fantastic organisations that specialise in helping people reach optimum financial wellbeing. They work alongside businesses to create bespoke employee wellbeing programmes or simply provide support. This may include helping employees to make financial decisions, preparing them to deal with the unexpected, or working through the available options to find financial security.
Below are some examples of financial wellbeing organisations in the UK:
- Money Helper
- Provide Financial Education
As an employer, it’s a good idea to educate yourself on ways to improve financial wellbeing. Therefore, you can relay this information to members of your team who may need a little support, because as previously mentioned, their wellbeing directly affects business performance.
Here are some financial topics which may be useful to discuss with your team:
Budgeting Tips and Tricks
If your team feels like they’ve completely lost control of their finances, budgeting is a great way to gain back control. This not only helps to provide peace of mind, but makes it easier to pay bills on time, create an emergency fund, and save for big expenses.
Here’s a simple example of how to budget:
- Write down your total monthly income
- Calculate average monthly spends
- Be accurate with all figures
- Include both credit card debt and spending
- Include one-off purchases
By deducting your spending from your earnings, you can determine how much money you have in surplus each month.
Switching Banking Providers
With hundreds of banks in the UK, an easy way for your team to improve their financial wellbeing may be to switch banking providers. By doing a little research, you can discover reputable banks providing next-level advantages, such as:
- Higher interest rates
- Discounts or vouchers
- Lower overdraft fees
- Next-level digital services
- Travel cards
Does your team regularly send money abroad? Perhaps they have family in a different country or are paying off a mortgage for an overseas home. We understand the added costs of sending money via your banking provider. That’s why DT&T offer a much simpler solution.
Our platform is a secure and trusted space to move funds globally. Our users benefit from:
- Instant transfers with low fees
- Transfers to 180+ countries
- Incredible customer service
- Full transparency
This top-notch service is just another way you can protect the financial wellbeing of your team. Visit the DT&T website for more information.
Why not keep this blog post on hand when nurturing your team’s financial wellbeing? If you follow these simple steps, business performance is sure to skyrocket in future!