Financial wellbeing must be top-of-mind when thinking about how to support employees in the post-pandemic world. If it’s not, you may be falling into one of four critical financial wellbeing traps.
Let’s explore the ‘already doing it’ trap
Having a true financial wellbeing strategy does not just mean offering an EAP that provides a route into debt relief.
Aside from the fact that EAPs have an adoption rate of just 5%, according to the EAPA (PDF), financial wellbeing requires a holistic approach that takes into account appropriate education, behavioural change and inclusive tools.
Considering what outcomes you want to achieve is the first step to moving towards a proper financial wellbeing strategy. These outcomes are often based around indicators of high financial wellbeing, such as increased savings, reduced spending and reduced reliance on high-cost forms of credit.
Once you know the metrics you want to move, it’s easier to look at the mix of tools, communication and adoption strategies necessary to encourage true behaviour change among your workforce.
The ‘ride it out’ trap is one of four we explore in our info sheet, “HR’s worst Covid-19 financial wellbeing traps. Download it below.