Five fast-track routes to financial responsibility
Helping employees make wiser choices at home and work
If your workers are losing sleep over money worries, it could be time for a wake-up call. More UK businesses than ever are realising the impact of their employees’ financial security on morale, productivity – and overall company performance.
According to the Employee Benefits Group’s Benefits Research 2013, published in May of last year, many organisations are taking a proactive approach by providing money-management information to their teams, with 16% now offering financial education to all staff as a core benefit. And in bolstering their benefits packages with financial wellness programmes, they may also be boosting profits, engaging employees and reaping the rewards of a wiser approach to workplace efficiencies.
Even a slight shift in employee attitudes towards personal and company finances can make a difference to your bottom line. So if you’re not ready to invest in a full-on strategic solution, start small with five quick wins.
Teach the basics. Run a series of employee seminars covering fundamental principles of financial planning - from a corporate and personal perspective. Invite experts to speak on a range of topics - from budgeting and debt reduction to pension planning – but beware anything that smacks of a sales pitch.
Be transparent. On a regular basis, share as much information as possible about the company’s financial figures. Paint the big picture, detailing how revenue, operating costs and profit measure up against budget – and what that means to the business. Then explain how the numbers impact your team, and their role in the results.
Be honest. An enlightened team is far more likely to respond positively to change. So even when delivering less-than-glowing news, make honesty your company policy and stamp out damaging rumours before they start. The truth allows employees to plan ahead – and to pull together to improve performance.
Go green. Actions that help the environment generally help cut costs too. Reducing travel, turning off PCs, printers, lights and copiers every evening and moving towards a paperless office are all simple solutions that help employees take care of both the planet and the pennies.
Reward responsibility. It’s easy to think that delivering savings is someone else’s remit, so invite suggestions on cutting spend across every department, at every level of your business. Encourage employees to treat the company’s money like their own, provide incentives that reward a more cost-conscious approach to business and celebrate team and individual successes in reducing waste.
Is your business considering a financial wellness programme? Or have you found success in teaching financial responsibility within your own organisation? Any sure-fire cost-saving solutions? Please get in touch to share your story.