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FINANCIAL
WELL-BEING AT WORK
Financial well-being services are becoming increasingly important in today's corporate world.
As companies continue to navigate an ever-changing business landscape, they are looking for ways to stay competitive and attract top talent. One way to achieve this is by offering financial well-being services to their employees.
There are several reasons why financial well-being services are crucial for corporations. First and foremost, it helps companies attract and retain top talent. In today's competitive job market, employees are looking for more than just a salary.
The only limitation is the one you place on yourself
They want to work for a company that values their well-being and provides opportunities for their personal and professional growth. Offering financial well-being services is one way for companies to signal their commitment to their employees' overall well-being.
Moreover, financial stress can take a significant toll on employee productivity and job performance. Employees who are struggling with financial issues are more likely to be distracted at work, miss work, or even quit their jobs. By providing financial well-being services, companies can help their employees alleviate financial stress so that they can focus on their work and perform at a high level.
Financial stress is an increasingly common issue that became worse during the Covid-19 pandemic. Further financial pressures have been added, by the cost of living crisis, but financial stress is not a new phenomenon, its just something that is more in the spotlight right now. But it is a problem that has been growing and now increasingly starting to cause organisations problems…which are often not seen, or not dealt with…until it is too late.
- 65% of employees now expect their employers to provide provision for financial wellness
- 70% of all employees are or have experienced financial stress
- This increases to 95% in Top 50 FTSE Companies
- But only 11% of organisations offer any kind of financial wellbeing support
Well
Being
Offering financial well-being services is one way for companies to signal their commitment to their employees' overall well-being.
This is leading to significant impact on both absenteeism and presentism, impact on productivity, staff turnover and serving customers. All contributing to a bleak picture for employees, customers and organisations if not addressed.
But providing financial wellbeing support, should not be limited to dealing just with the symptoms of financial stress. It should also provide, as a first step, the support to provide employees with a clear understanding of their relationship with money and the behaviours that are created as a result.
If nothing is done to address the root cause of an employee’s behaviour with money, then simply addressing the symptoms, e.g debt, poor cashflow management, lack of future planning etc, will simply come back and create the same problems all over again in the future.
Offering the right financial well-being services can also benefit companies' bottom line. Employees who are financially stable are more likely to be engaged and productive at work, which can translate into increased profitability for the company.
Financial well-being services are an essential component of any corporate wellness program. By offering these services, companies can help their employees achieve financial stability, reduce financial stress, and ultimately perform better at work. It's a win-win situation for both the employer and the employee.
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My signature 10 week 121 programme takes you on a money confidence journey
Financial
Well-Being
Why Financial Well-Being Matters
- Impact on the individual – Leading to lost productivity and increased pressure on the organisation
- Corporates – that prioritise Financial well-being for their people are more likely to attract and retain top talent
- Personal Security – a substantive individual measure of success, income, assets, debt level
- Satisfaction – Personal levels of satisfaction, happiness, concern in the now and the future, about own wealth
- Financial Attitude & Knowledge – How you think and feel about budgeting, saving, credit and comfort levels around risk impacts how you feel on a daily basis
- Financial Behaviour – How we ‘do’ money and our financial habits, spill over directly into our productivity and motivation at work
Maslow’s Hierarchy of needs, clearly demonstrates what motivates us as humans and why we strive to fulfil those needs. The more employers can demonstrate how they understand and support the needs of their employees, the better supported employees will feel and the better their results.
Maslow’s Hierarchy of needs can directly be applied to financial wellness. By creating a strategy, where an employee’s hierarchy of needs are at the fore front of an organisation’s Financial Wellness Strategy, the rewards can be significant.
How do These Needs Directly Impact the Workplace?
- Emotional stress about finances can impede performance and reduce effectiveness
- At its most extreme can lead to fear of failure depression and time off work
- A feeling of worthlessness and lack of self appreciation
- Leading to an employee losing motivation and leaving an organisation, often at short or no notice
- At what cost to organisation to recruit and onboard new staff and those left behind to pick up the slack
Research proves that employees are expecting more than just a pay rise… They want...
- Deeper connections
- Radical Flexibility
- Personal Growth
- Hollistic Wellbeing
- Shared Purposed
Source: Gartner.com
Financial Well-Being Matters
What does Financial Wellbeing deliver
- Enhanced Productivity - By boosting employees’ morale and ability to be more open about their financial situation, allows them to change their focus and become more effective at work and increase their own and wider organisations productivity.
Improved Job Satisfaction - Having the right kind of support to help employees move away from financial stress, and can help to reduce anxiety about the future. Leading to less anxiety and their sense of job satisfaction to increase. - Increased Staff Retention - If an employee feels seen and heard and supported, they are less likely to covertly look for a new role or at least support succession planning for that role. When they feel valued, the need to change roles will not be a focus for them.
- Better Results - When employees are offered the tools and resources necessary to make informed financial decisions, this leads to improved employee performance, as they can take care of their financial needs and focus on their role.
About The Money Confidence Academy
Behaviour
- Understanding how our own behaviors affect our relationship with money
- Which directly impacts the results we see
- When we understand the impact of our behaviour, we can make intentional changes
Mindset
- Creating financial confidence
- Engaging positively with money
- Become future focused
- Openly discussing money and seeking support when required
- Removing money shame
Abilities
- Being able to identify strengths and have strategies to deal with weaknesses
- Recognising the importance of collaboration and supporting a wider community approach
- Becoming solution orientated
Connections
- Access to a wide network of reputable financial guidance
- The right knowledge where and when it is needed
- Trusted advisors
- A collaborative, confidential community
By boosting employees’ morale and ability to be more open about their financial situation, allows them to change their focus and become more effective at work
Where Mindset Goes
Money Grows®
Financial Well-Being at Work
Money
Confidence
It’s about your relationship with money
The Money Confidence Academy will
- Support employees to understand their current thoughts, feelings, values and behaviours associated with money and how these are impacting them through an holistic and tool based approach.
- Provide methodologies, that support changing any unhelpful behaviours that may have built up as a result. This will be done through a process of gaining employees’ buy in and not through any expectation or pressure.
- Establish the baseline where the organisation is at (what impact is being felt now, where it could impact at a later stage and what corrective action can be put in place) and establish clear goals for the organisation.
- Provide the relevant tools and resources and follow up/individual support as needed.
- Be brought into the organisation (depending on the scope of need) to look at additional benefits and support to the employees, including additional training where needed.
Our Services
Workshops and Lunch+Learn
Understanding Financial Wellbeing , Creating Healthy Money Habits for life, Crushing Debt - Unlock Financial Freedom through Proven Strategies, Managing Money and Life experiences ( Divorce, Grief, Menopause ) and Bespoke
Programmes
Designed to encourage conversations around money, motivation and unlocking the taboo that exists around money. Money shame and guilt has led to many feeling unempowered and unable to break out of a negative and spiralling cycle around money.
121 and Group Coaching
To support the specific requirements of those team members who would benefit the most from on-going coaching support, either in a group or 121 setting.
Consultancy
To provide an effective and successful Financial Wellness Strategy, you need to align your overall vision, mission, values and then priorities. Reviewing what is currently in place and how effective this is (or isn’t) is vital if the strategy is to supports the needs of your organisation.
Lauren Michaels
Working with Lesley has been nothing short of a revelation! I knew I wanted to improve my money mindset,
but I didn’t know how doing this would positively affect so many areas of my business! I have always loved what I do, but struggled with so many aspects of it, going live, putting myself out there, feeling overcome with feelings of self doubt and really not valuing myself. Lesley helped me to see, what I should have been able to see, but kept getting in my own way. She is the right mix of encouraging and challenging, and really helped me to see what was possible for me. I have increased my prices, several times and now have the right balance in my life, so I can enjoy it and not feel guilty all the time. If you want a coach to help you get results, and fast, you need Lesley.
Deb Mckenna
Thanks to Lesley I feel I have my sparkle back. Money and me have always had a tricky relationship,
and through working with Lesley I understand now that I have to be responsible for the relationship I want to have with it. I feel excited now when I think about everything that is possible, instead of worried and that is more than I ever thought possible. I have already booked two holidays for this year, thanks to Lesley showing me that I am ‘worth it’.
Together we can take a deep dive into the factors affecting your relationship with money, from beliefs, values, behaviours, self-esteem and motivation and then put the plans, support and action in place to create lasting change.
Let’s do it together
No more limiting decisions. No more doing the same old thing. No more feeling out of control.
This is your time, and together, we can get you feeling money confident.
Let’s do it together
