The current landscape
Over half of Australian employee's list financial education as important, and yet only 29% of employers offer it, making it one of the top ten differentiators in our 2024 Workforce Trends Report.
Within the differentiators, we see a clear trend relating to financial-focused benefits such as financial education, financial management resources, and insurance. With the increased cost of living pressures faced by employees, it is not surprising that such benefits are increasingly viewed as essential. Given that most organisations still do not provide such benefits, they present a real opportunity for organisations to support employees' financial wellbeing whilst differentiating their benefits offerings.
Flexible programming
Empowering employees to make informed financial decisions requires offering access to financial education and resources. However, it is important to recognise that employees are at different stages in their financial journey. Therefore, implementing a flexible program that caters to individuals at various life stages is crucial. Whether employees are focused on planning for the future and managing their superannuation accounts or dealing with immediate financial concerns such as debt management, it is essential to provide a comprehensive and adaptable program that equips all employees with the necessary knowledge.
Variety of resources
Just as variety adds flavour to life, it is also essential for financial wellbeing solutions. Some employees, particularly digital natives, may prefer interactive calculators and modellers to take a do-it-yourself approach. On the other hand, some employees may prefer a structured learning approach through webinars or presentations. Additionally, there are those who seek a more personalised experience and prefer engaging directly with a financial expert. To ensure that the whole workforce is catered for, employers need to think outside a one-size-fits-all approach.
The role of leaders
A financial wellbeing program is only effective if people choose to engage with it. Leaders play a crucial role in an organisation to drive meaningful conversations about wellbeing with their people. By regularly talking with their people, leaders begin to understand what matters to everyone, arming them with the information they need to encourage and motivate their team members to act.
Promote, promote, promote
As an employer, it is crucial to address the lack of awareness and understanding among employees regarding the money-saving benefits available to them. Take action to fulfil your responsibility by revamping your benefits communications, organising a virtual benefits roadshow, and establishing a team of employee champions dedicated to promoting these valuable benefits.
Measuring and evaluating impact
Employee financial wellbeing is good for business. It can contribute to better mental health; help improve employee value proposition (EVP) and has the potential to take pressure of wage demands and address productivity issues. But is important to measure and evaluate the impact of your program, don't just set and forget, but partner with an expert that can help you fine tune your program for your workforce.
How Gallagher can help
Gallagher's MoneyFit starts with a quick and easy, five-minute, confidential health check that your employees can access at work, on their commute, or in the comfort of their homes. It provides the flexibility for your employees to follow their own pathway and make sound and relevant choices for their financial wellbeing. Connect with us to request a demo.
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