In our experience of working with hundreds of firms across the UK, we often find that employees don’t really understand their employee benefits. They don’t know who to turn to with their questions about the financial decisions that they need to make in their lives. Financial Wellbeing support can promote your Employee Benefit package, help employees to value their benefits, and be more secure and more effective at work.
What is financial wellbeing?
Financial wellbeing is about your relationship with money, taking control of your finances and being able to make confident financial decisions. It can cover your ability to deal with bills, understanding your financial plans (like mortgages, insurance or pensions) or simply your mindset around spending and saving.
- Control over the day to day – control spending and saving, managing debts and expenses
- Prepared for the unexpected – can absorb financial shocks, and savings for the future
- Financial literacy – can understand your financial plans (including those provided by your employer, such as Group Insurance, Salary Sacrifice and Flexible Benefits) and know where to find guidance or support
- On track for the future – able to plan ahead and achieve financial goals
- Peace of mind – Money worries can have a huge impact on your mental health. When your financial wellbeing is under control, you can see benefits to your overall mental and physical health
Financial education
Wren Sterling’s Financial Education Programme is a series of presentations designed to get your employees comfortable with their benefits and ready to take positive action with their financial planning, so they feel less confused and more in control. We have helped thousands of employees to understand their employee benefits, to budget effectively, to access mortgage advice, to prepare for retirement and much more.
Whatever is relevant to your workforce, we can deliver through a webinar or seminar programme, reaching all your employees. We can run 12 month campaigns or one-off sessions, focused on increasing understanding and signposting sources of information for your people to take control of their finances.
Financial planning
Wren Sterling can offer Corporate clients an exclusive free initial consultation for employees about their retirement planning. Typically our financial planners spend 30-60 minutes with employees to run through their retirement options and plans. Preparing for the future with a financial expert can help your employees feel more confident about their money, and more resilient to unexpected challenges in the future.
This is just part of the advice we can offer. Financial planning involves looking at the ‘whole picture’ of a client’s finances and motivations. Their Financial Planner with make a plan to achieve long term goals and can be available in future to make sure everything is on track.
Should your employees decide they wish to receive advice on other areas they may proceed and become a Wren Sterling client, we will apply a discount on our fees in recognition of our relationship at a Corporate level.
Executive Benefit Counselling
We know your people are central to your success and you want to remunerate them in a way that makes your commitment clear. Wren Sterling has created a Pension and Benefit Planning service specifically for the personal financial planning needs of Senior Executives, Directors and Business Owners, covering everything from their pension arrangements to wealth planning to protection.
- Executive Pension Planning
- Cashflow Planning
- Wealth Management
- Holistic Financial Planning
- Relevant Life Policy
- Executive Remuneration
How can Executive Benefit Counselling help your senior employees?
When you offer competitive salaries and benefits to your executives it can introduce tax planning issues, if it isn’t managed proactively by an expert financial adviser. We can pair corporate advisers with private client advisers to ensure your people get the maximum benefit from your investment.
Why is financial wellbeing important in the workplace?
Poor understanding of our finances and how to manage them could result in poor decision making and costly mistakes. We believe that when employees understand their finances, they can make the most of the opportunities available to them for a better future and quality of life.
Financial Wellbeing through education offers benefits for both your employees, and your business:
- Fewer stress-related illnesses – Financial stress can harm employee’s mental and physical health, which affects them both at home and at work.
- Better working environment – Supported employees have better morale, seeing less disruption from co-worker’s illnesses and staff turnover.
- Improved financial literacy – Employees who are more confident making financial decisions can make the most of their Employee Benefits and Workplace pension, and may be better off weathering financial shocks or unexpected bills in future.
What our experts say about employee financial wellbeing
“If your people have financial worries, which could lead to mental health problems, are they going to be fully productive at work? Probably not. This can affect the company’s bottom line.”
Sarah Herd, Head of Workplace
Benefits of employee financial wellbeing
Employers can influence their workforce, improving their employee’s financial and mental wellbeing, and even their productivity, through financial wellbeing for employees. Some benefits of financial wellbeing strategies include:
- Increased productivity – Employees who are less worried about their personal finances can focus better on the task at hand, leading to increased productivity at work.
- Reduced sickness and absenteeism – Financial stress can affect mental and physical health. Supported employees are more resilient and less susceptible to illness.
- Improved employee engagement – Employees who value their employee benefits, less likely to seek employment elsewhere, lowering turnover and recruitment costs.
- A more efficient benefits strategy – With better take-up for employee benefits, employers may be able to find efficiencies and maximise the support they’re able to offer their employees.
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