Featured in People Management
New research reported by People Management found that one in five UK workers have no financial plan beyond the next few weeks, highlighting the ongoing impact of cost-of-living pressures on employees’ financial wellbeing. The findings have reignited the conversation around the role employers should play in supporting financial resilience through pay, benefits and workplace wellbeing initiatives.
Commenting on the findings, Gemma Bullivant said the results were not surprising given the prolonged cost-of-living pressures many employees continue to face. She explained that the challenge for employers is striking the right balance between helping employees make sound long-term financial decisions while also providing pay and benefits that deliver meaningful support in the here and now. She also emphasised that trust is critical, with financial wellbeing initiatives needing to complement fair pay decisions rather than be perceived as a substitute for them.
Gemma’s Advice for HR & Leadership Teams
Financial wellbeing is ultimately built on trust.
Employees need to feel confident that investments in financial education, workplace savings schemes or pension support are being made alongside fair pay decisions, rather than instead of them. If organisations get this balance wrong, even well-intentioned initiatives risk being viewed with scepticism.
The strongest organisations take a holistic approach to reward by combining immediate support with longer-term financial planning tools. Practical initiatives such as access to independent financial advisers, financial education, enhanced pension contributions, savings schemes and thoughtfully timed bonus payments can all help employees build greater financial resilience.
When reward strategy and financial wellbeing work together, organisations demonstrate that employee wellbeing is genuinely embedded within their people strategy. This not only supports employees but can also strengthen attraction, retention, engagement and trust.
If you’re reviewing your reward strategy or exploring how financial wellbeing fits within your wider people strategy, discover how my Reward Advisory supports organisations in making confident, commercially sound reward decisions.
