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.
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In this series
Case study on actions taken to help employees improve their financial literacy and decision-making
Case study on how one organisation implemented a range of pay and benefits measures to support employee financial wellbeing
Case study on an award-winning savings initiative to help employees during cost-of-living crisis
Case study on how an employee financial wellbeing survey resulted in free breakfasts
Practical guidance to help employers create a carer-friendly workplace
Explore the CIPD’s point of view on health and wellbeing at work, including recommendations for employers
CIPD's resource on employers' legal obligations to reduce work-related stress and increase employee wellbeing. This resource includes legislation and case law, demonstrating how this issue is seen in the courts.
Find out more about the Mental Health at Work Commitment and the CIPD content that will help you to meet the standards