Through a series of briefings, either face-to-face or online, Blue Sky engages with companies to help empower their employees to create greater financial independence for themselves and improve productivity for the business.
Financial well-being for employees, making sense of it all
If you have a company with a great culture, the well-being of your employees will be a high priority. An often-overlooked element of well-being, however, is financial engagement and empowerment. Whilst employers are aware of the link between financial stress and mental health, many underestimate the extent to which money worries affect their workforce. This oversight can lead to reduced productivity, increased absenteeism and higher employee turnover.
Upskilling and educating your workforce, and acting as a force for good, is to be applauded. After all, most people leave school not understanding very much about how to manage money and build wealth. Where can they learn?
Data shows that one of the biggest causes of absenteeism at work is anxiety about money. It therefore makes sense for employers to facilitate and help improve their employees’ financial well-being as in the long-term, this will improve productivity too.
Research by the Chartered Institute of Personnel and Development (CIPD) found that 29% of employees said money worries had negatively impacted their productivity. In addition, an average of 4.9 worker days are lost each year as a result of money worries, and financial-related absences are costing large organisations an average of £323,390 a year.
Benefits for all
Yet, it’s not just about productivity. We work with companies that wish to support their teams on all aspects of financial well-being – simply because it is the right thing to do. We as employers have influence, and we should use it wisely and for the greater good of our people and communities. Most companies now offer a pension scheme, but in a report by Standard Life, it’s clear that 50% of employees say they find information about pensions overwhelming, and 41% don’t know what to do with it.
Standard Life’s Retirement Voice 2022 report uncovered that the 72% of employees do little or no planning for their retirement. Offering a pension scheme is different to actually planning for retirement!
So, our questions for employers are:
- Do you care about your employees’ well-being?
- Do you believe that a happy workforce is a productive workforce?
- Do you agree that improving financial knowledge is good for business, whilst also being a force for good to the wider world too?
- Are you ready to lead the change?
We offer a unique 2-hour introductory session for your team that is both fun and informative. It promises to provide everyone with useful links and helpful tips. Follow-up focused sessions are available, subject to demand.
