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

Industry: Aerospace

Size: >1,000

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

Case studies
Supporting employee financial wellbeing: Tesco Stores

Case study on actions taken to help employees improve their financial literacy and decision-making

Case studies
Supporting employee financial wellbeing: Leek Building Society

Case study on how one organisation implemented a range of pay and benefits measures to support employee financial wellbeing

Case studies
Supporting employee financial wellbeing: SUEZ payroll autosaving

Case study on an award-winning savings initiative to help employees during cost-of-living crisis

Case studies
Supporting employee financial wellbeing: West London NHS Trust

Case study on how an employee financial wellbeing survey resulted in free breakfasts

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