Whilst money might not buy happiness, it can often be the root cause of stress, impact our overall wellbeing and even influence our performance at work. From a business perspective, supporting your employees in this way could have a positive impact on retention, productivity and the overall success of your business.
An employee benefit programme to meet today’s demanding needs
Background – Challenge
An existing Partners& insurance client was referred to our Wellbeing, Health and Protection (WH&P) team as they were becoming dissatisfied with their current insurance broker.
The company, a business finance organisation based in the south west with approximately 200 employees, was struggling with the efficient management of their employee benefit schemes.
The cost-of-living crisis was also having an impact on their staff with the challenges of everyday life being made harder in the current financial climate.
What we did – Support
The WH&P team met with the client well in advance of the next renewal date. This allowed them the time to really understand the challenges the client was facing, the arrangements that were currently in place and how these were being utilised by their employees.
Some of the existing policies had added-value benefits, including occupational health support, an employee assistance programme and a virtual GP service, which the company – and therefore its staff – were not aware of.
The team also introduced the concept of financial wellbeing and how this can help to manage and maintain their employees’ overall wellbeing and productivity, as well as mitigating the business’s people risk.
The outcome – Perform
By recommending a change to some of the existing scheme providers, we supported the company in delivering a comprehensive and efficient employee benefit programme that helped keep costs down and improve staff engagement.
The company also signed up to the Partners& Financial Wellbeing Hub, which provides financial education for employees as well as tools and tips to manage their personal finances and build resilience against situations such as the cost-of-living crisis.
The feedback given from the staff was very positive – they found the Hub easy to use and navigate with useful content. The HR team gained confidence that their employees were now being offered a comprehensive employee benefit programme with additional support that hadn’t been offered previously and this was having a positive impact on the overall wellbeing of their staff.
Our relationship with the client continues with regular engagement to discuss their people risk challenges and how we can help them drive their business forward with an engaged workforce.
Find out more about financial wellbeing
Whilst a seemingly personal topic, financial wellbeing at work is a key factor to managing and maintaining your employees’ overall wellbeing and productivity, as well as mitigating your organisation’s people risk.
Visit our website for more information – Financial Education for Employees | Financial Wellbeing Program