How can you support your employees’ financial wellbeing?

Simon Blake explores what you can do for your employees if they are struggling with the current economic crisis

CREDIT: This is an edited version of an article that originally appeared on Happiful

It is important for employers to remove the stigma relating to financial issues so that employees do not suffer in silence and can access the support available to them. Research from a Wealth at Work survey found that 14% of UK older adults say that financial worries make them feel embarrassed, rising to 23% among 18 to 34-year-olds.

We might not feel terribly comfortable talking about our finances but, if we remove the stigma of talking about financial insecurities and worries, we can start to create plans to alleviate financial concerns and promote mental wellbeing. Here are a few top tips on how to remove the stigma of both mental health and money worries in the workplace.

Deploying mental health first aiders in the workplace

The role of a mental health first aider is to be a point of contact for any employee who is experiencing a mental health issue or emotional distress. Research from The Royal College of Psychiatrists shows that one-in-two adults who have debt experience mental health issues, and over 100,000 people in England every year attempt to take their own lives whilst struggling with debt. 

Mental health first aiders are trained in how to approach the person, listen and communicate non-judgmentally, and then signpost to relevant support; this interaction could range from having an initial conversation to supporting the person to get appropriate help.

Focus on flexibility

There are individual and business benefits to some face-to-face interaction and, whilst at Metal Health First Aid (MHFA) England I am keen for my teams to be in the office once a month for our all-staff meeting, I am also aware of the cost of travel. Keeping mandated office days to a minimum, and providing lunch for everyone, I hope goes some way to mitigating some of the costs. We also have a policy of flexi or condensed hours which can help our employees avoid peak travel costs.

Keep connected

Creating opportunities to bring people together and boost morale will be important over the coming months. Proactively creating moments of celebration and joy at work, as well as reminding employees that they have a strong team structure in place, can help people through challenging times.

Be, and encourage all employees to be, considerate with your social planning. Activities can sometimes be expensive, and people may feel unable to participate; introducing a mix of social options – including virtual and affordable activities – can allow more staff to feel included while not adding an additional call on their finances.

How can employers start difficult conversations about money/budgeting?

Societal norms mean many people are uncomfortable discussing money worries; 68% would not want to discuss finances with their employer for fear of shame, embarrassment or even discrimination.

Positive and open cultures are developed from the top down. Senior leaders can lead from the front by showing that they understand that finances are increasingly tight and a significant number of people in most organisations may be finding it difficult to manage.

We must also remember that soaring costs will exacerbate existing economic and social inequalities, and some groups within your workforce will be impacted more than others. We can helpfully encourage people to access the support available to them whether that be from a line manager, your employee assistance programme or other people in your organisation.

As employers, we should ensure that our wellbeing strategies reflect the relationship between financial wellbeing and mental wellbeing. As part of the support we offer our employees, we recently facilitated an online discussion to help our employees understand the different options available to help them navigate the cost-of-living crisis; we wanted to ensure that people knew that we recognise things may be tough in the months ahead and that they felt supported.

Speaking to your employer or employees about financial situations can feel somewhat taboo; the truth is, the cost of living crisis is likely to have an impact on all of us in some way or other. So, if you’re finding that it’s affecting you, your family, or your work, it’s important to speak to your employer about what support they can offer you. If you don’t feel you can confide in them, try having a conversation with HR or a close colleague instead.