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 look at the ‘not my issue’ trap
Financial wellbeing is for sure a societal and individual issue but some don’t think it’s an organisational one. This argument falls down for two reasons.
Firstly, if you want to attract and retain talent (and indeed customers), it’s worth noting that more and employees and consumers demand organisations function more as ‘institutions’ that are ‘integrated into the social fabric of society.’
This includes, of course, a focus on improving wellbeing and thriving – which includes financial wellbeing.
Secondly, poor financial wellbeing has a dramatic effect on performance at work, making financial wellbeing an organisational issue from a pure commercial perspective, regardless of your views on recruitment or moral imperative.
According to REBA research, three out of five employees recognise that money worries from the effects of coronavirus have negatively impacted their performance at work.
The brain can’t worry and focus at the same time. If financial anxiety is causing stress and worry, your people are not able to bring their full selves to work and contribute fully to the organisation.
The ‘not my issue’ trap is one of four we explore in our info sheet, “HR’s worst Covid-19 financial wellbeing traps. Download it below.