It's been a pretty challenging 18 months, so it’s more essential than ever to ensure that your startup employees’ wellbeing is high on your agenda. Whether your team is all still working from home, or you’ve gone down the hybrid route, looking after their wellbeing should be an integral part of your startup’s culture.
One of the most important areas where you can support your employees is their financial wellbeing. And even though each employee's personal circumstances may vary, the core elements of what financial wellbeing is will pretty much be the same for all - it's about having control over day-to-day finances, being ready to handle any unexpected challenges and feeling equipped and ready for the future.
Here are 4 reasons FOR looking after your employee’s financial WELLBEING
1 Different people have different needs
Your startup team may be a varied bunch, from recent grads to the more experienced employees who are a little further on in their career journeys. Therefore what matters to them in terms of financial wellbeing will vary too. Whilst the focus for some grads might be dealing with the legacy of student loans and tuition fees, others might want support with getting a foot on the property ladder. You may have some employees who would like some support in managing family finances whilst others will be more interested in pension planning and investments.
The key thing though is that no matter what their individual needs may be, you can help them by putting support in place to help them manage their finances more effectively.
Remember though - those different needs mean it can’t be a one size fits all approach!
2 It alleviates stress and anxiety
If your employees are worried about their finances, this may also affect their overall health and wellbeing. Money worries can be a huge source of anxiety and can have a detrimental impact on both their mental and physical health. A recent study has indicated that 60% of employees have had financial concerns that cause them to struggle with anxiety, stress and depression.
By offering support to help them address their financial concerns and regain control, you'll also be helping to lower those stress and anxiety levels. Whether you choose to provide financial education and training, integrate financial wellbeing into your rewards and benefits package or proactively signpost your team to relevant resources, you’ll be helping them to deal with the financial stressors and in turn creating a healthier workplace with a happier team.
3 It helps with productivity and engagement
Whether you realise it or not, if your employees have financial worries or concerns, it can be an all-consuming thing. No matter what task they're undertaking or project they're leading on, it'll be there, as a permanent distraction, at the back of their mind.
Whilst putting a focus on their financial wellbeing, will of course mean you'll be helping them to deal with money challenges, it will also help them become more engaged at work. They may not even be aware that their work performance has been affected but chances are it will have. By putting support in place, you'll be indirectly boosting their levels of engagement and enthusiasm.
4 It shows you care
It's not enough to claim that you're a wonderful employer on the careers page of your website - you need to take action to prove it. If you want your startup's employees to be happy, and you want to grow a strong team with no issues regarding retention or turnover, then you need to show them you care and that you have a genuine concern for them.
By having a dedicated focus on your employees' financial wellbeing, you'll be showing that you value them as individuals, that you want the best for them and that you want to support them in every way that you can. This will in turn help to motivate them will inspire loyalty and of course will be a huge plus when you're recruiting and trying to attract new talent to your team.
The good thing is that you don’t have to do all of this alone - there are lots of startups that are dedicated to helping you support and provide for your employees’ financial wellbeing.
Financial wellbeing startups that are here to help
WAGESTREAM
Wagestream has been built specifically for employers to support their employees on a journey towards financial resilience. They provide a range of tools that will help your employees to improve their long term financial health. The focus is on Power Over Pay™ enabling your employees to instantly access, track, save and better manage their pay as well as gain access to qualified financial coaches.
BIPPIT
Bippit enables you to offer your employees a range of support to help them feel both less stressed about their finances and ultimately more supported. It provides your employees with practical resources and access to financial coaches who can help give them tailored advice and confidential support on everything from debt and loans through to insurance, pensions and savings.
MONEYED
Moneyed offers a holistic financial wellbeing solution to help you provide your employees with the knowledge and tools to be fully in control of their financial future. It offers interactive workshops on a range of financial wellbeing topics, an app that enables your employees to get a full financial overview by securely linking all their current accounts, credit cards, savings, pensions, investments and debts as well as helping them to build a financial plan for the future.
HASTEE
Hastee aims to nurture your employees’ financial health. It enables them to access a portion of their earned pay whenever they need it, on-demand. It also provides a range of education and management tools aimed at increasing your employees’ financial knowledge and helping them to make better financial decisions.
BOROFREE
Borofree offers a cashless salary advance solution, enabling your employees to advance access to up to £300 of their salary every month with 0% interest, £0 fees, and £0 cost to them or you. It also provides money coaching guides to help improve their financial literacy and learn about regaining control of their finances.
By making financial wellbeing a priority for your startup’s employees, you’ll be going a long way towards creating a workplace where people can be happy, thrive and reach their full potential - and that can only be a good thing!
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Offering personalised, consultative service, at TableCrowd Talent we’re a specialist recruitment agency with our finger on the pulse of the startup and scaleup scene. We are committed to matching graduates, professionals and C-level executives to exciting startup and scaleup jobs across London, the UK and Europe.
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