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: Leek Building Society
Industry: Financial services
Size: c. 200 employees
Interviewee: Rob Longmore, HR Director, and Lizzie Hall, Head of HR
In this series
Case study on how a lunchtime seminar programme is helping employees plan for retirement
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?
Good leadership is important for organisational performance and employee outcomes, but what toll does this take on the leader?