Financial wellbeing and the cost of Christmas: how can employers help employees?

Recent research by Citizens Advice found that more than one in four UK adults, around 15.1 million people, said they were likely to use Buy Now Pay Later (BNPL) to help with festive spending. Employers will need to be acutely aware of the financial strains on their workforce and actively consider how they can support them. These measures include:

• Developing a financial wellbeing strategy

The CIPD recommend developing a Financial Wellbeing Policy by assessing the needs of the workforce. By understanding the stresses employees are facing, employers can consider what measures they can implement to provide support. 

• Signposting employees to excellent advisory services available

Whilst employers will not be able to provide all the answers, they can play an active role in signposting employees to excellent advisory services including the Citizens Advice Bureau.

• Reviewing health and wellbeing programmes

It important to review wellbeing programmes and sickness absence policies to ensure they provide the maximum support to staff, and to implement appropriate training programmes for managers so that they are adequately equipped to recognise ill health and provide support appropriately.

• Considering overall benefit packages

Even if pay rises aren’t feasible there may be other benefits employers could consider offering to employees. These include employee assistance programs, season ticket loans, and adjusting starting/finishing times to avoid peak travel costs.

To find out more about how employers can help employees, read the article in full here.