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Financial wellbeing & Covid-19: the ‘next year’ trap

Financial wellbeing & Covid-19: the ‘next year’ trap image

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 ‘next year’ trap.

Covid-19 has meant, more than ever, that HR professionals need to do more with less. From managing furlough to rapidly shifting to a hybrid working model with little time to prepare, it’s fair to say the pandemic years have been filled with firefighting.

With so many immediate focuses, it may be tempting to push financial wellbeing to the back of the queue – perhaps in 2022, when things have calmed down and you have some headspace. The issue is: staff have an acute need now and want support right away.

Seven in 10 (70%) families have experienced increased financial pressures during the pandemic and have been forced to cut back on essentials, according to a July 2020 survey from Cushon.

Financial wellbeing: time to reap the ‘compounding effect’

Another year will not solve the problem for struggling employees – those with pandemic-induced financial wellbeing issues are likely to be in a worse state. Plus, there’s the compounding effect of helping staff improve their financial wellbeing – improvements tend to give way to more improvements, with a halo effect on productivity and focus at work.

So if you’re thinking that delaying investment in financial wellbeing makes sense until next year, it would be worth seeing if you can fast forward your plans – or at least make some tactical, acute investments to start turning the dial if you can’t make financial wellbeing a full strategic imperative.

The ‘next year’ trap is one of four we explore in our info sheet, “HR’s worst Covid-19 financial wellbeing traps. Download it below.

Download the report

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