CIPD
CIPD tips to support your employees’ financial wellbeing:
1. Pay a fair and liveable wage to help prevent people falling into financial difficulty.
2. Develop a financial wellness programme that helps protect employees from financial shocks. This can include several strands, such as:
a. giving employees more control of their finances through hardship loans or earned salary access
b. employee benefits that reduce living costs
c. financial education that develops ‘soft skills’ of attitude, judgements and behaviour – for example, making people be more inclined to plan or save for the future
d. debt counselling for those who need it, in conjunction with other support.
3. Communicate about financial wellbeing regularly through a range of channels, both to promote available support and encourage open discussion about financial issues.
4. Assess employee financial wellbeing, using tried-and-tested measures, to inform or prioritise action.
CIPD practice summary presents key insights and recommendations for practice. See the scientific summary for the methodology, technical information on the research and study references.