Ryan Oates
Posted By Ryan Oates
01/12/2017

Six reasons why ‘financial well-being in the workplace’ is the next big thing.

1) Filtering content

The Internet is a noisy place, and one frequently distorted by the need for advertising revenue.
Employers can add significant value simply by curating and filtering services for their staff – and by doing so impartially.

2) Productivity

Financial worries are one of the main causes of stress at work1, potentially affecting engagement and productivity. Providing support tools that empower employees to plan for their future can make them happier, more loyal and more productive.

3) Bulk buying

Benefits bought through the workplace can often be cheaper than those employees can find on their own. Providers are able to spread the risk while reaching a far greater potential customer base without the need for hefty advertising and promotional costs.

4) Convenience

In a world of ‘one-click’ buying, financial services are playing catch-up. Employers are uniquely placed to help reduce the hassle of financial services by making it easy to find tricky bits of information (like NI numbers) or even allowing payment via payroll. It might seem minor, but removing small obstacles makes a surprisingly big difference.

5) The war for talent

The battle’s already begun. Providing financial services through the workplace is already happening. Those employers offering it are a step ahead in attracting and retaining the best talent, while those lagging behind are forced to follow suit just to stay competitive.

6) Demographics

One size doesn’t fit all when it comes to financial priorities. Baby boomers are likely to be looking at pensions and Generation X may be juggling work with childcare, while Millennials are thinking about how they can step on to the housing ladder. Employee benefits need to match the increasingly diverse makeup of today’s workforce.

Source data

1 CIPD. (2016). AbsenceManagement 2016: Annual Survey Report, p29

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