Can Financial Worries Impact The Well-being Of Employees In The Workplace?
CIPD have been taking a strong lead on financial well-being, determining the business case for employers to take greater responsibility in supporting employees on their overall financial well-being as part of their wider wellness strategy. This subsequently has a positive impact on the workplace in particular productivity and performance.
b2b partnership supported CIPD in developing the partnership with Close Brothers.
Close Brothers are strong advocates for financial well-being, championing well-being at work being fundamental to unlocking employee engagement, retention, recruitment and productivity. Given the strong alignment and focus between both organisations' objectives, b2b facilitated a partnership on the CIPD/Close Brothers Financial Well-being programme.
With increasing complexities and changes around financial legislation, longer life expectancies, and greater responsibility on individuals for financial planning, this is creating greater strain on employees who may not have access to good financial education, be time poor or lack control of their personal financial situation.
Through this partnership CIPD and Close Brothers are looking to support employers role and influence within organisations by educating their employees, understanding that financial well-being presents different challenges to all employers across all pay scales.The CIPD/Close Brothers research programme, not only took into account employees views on financial pressures, but also a situational analysis of the support available, barriers to change, legislative landscape and the importance of financial well-being, to create recommendations for how employers implement a financial well-being programme.
This programme created a series of outputs particularly aimed at employers and HR professionals, but also for policy-makers, benefit advisers and providers, and money charities.
These outputs included:
Employee Financial Well-being: Why it’s important report
Employee View Report
Behavioural Insights report
Practical Guidance Report
b2b have been working with CIPD for 9 years, developing key partnerships with leading organisations that share their brand values, vision and mission and we are excited to see this programme of work in action and the positive impact it will have on the workplace.