Difficult economic conditions are prompting many employers to change their approach to financial wellbeing to support their people through tough times. While increasing pay may be the most direct choice of options, it might not always be possible when budgets are tight, nor, on its own, may it be enough. Instead, organisations are redefining their benefits packages to help employees in new, innovative ways.
Enabling financial awareness is an important aspect for supporting an employee’s overall wellbeing during a cost-of-living crisis. To ensure that the support is relevant to individual needs, it is important to recognise that these needs are changing at employees’ different life stages. Understanding this allows for the creation of actionable steps that improve financial awareness for everyone in the workplace.
Organisation: A Singapore-based aerospace company
The company understood that supporting their employees’ financial awareness was an important aspect of supporting their overall wellbeing. They recognised that their employees have changing needs throughout different life stages and it is important to provide support throughout those stages.
They launched a scheme where they host talks by advisors in relevant sectors, such as retirement planning and medical insurance in order to support their employees’ knowledge in these areas.
In this series
Supporting financial wellbeing through pay and benefits
Case study on an award-winning savings initiative to help employees during cost-of-living crisis
Advice on supporting and managing employees with a terminal diagnosis
How can employees build mental resilience to avoid burnout, and what support can employers give?
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