Financial Wellbeing for Employees

Written by ATLA Group & MAC Group

In today's rapidly evolving work environment, employee wellbeing has become a central focus for many organisations. While physical and mental health are often at the forefront of wellbeing programs, financial wellbeing is an equally crucial component. Financial stress can have significant repercussions on employees' overall health and productivity, making it essential for companies to implement robust financial wellbeing programs. I recently invited Rebecca Netten at MAC Financial for a conversation to learn more about this area.

Financial wellbeing leads to reduced stress and a greater sense of security which not just benefits employees, it’s a strategic investment for employers as well.

Rebecca from MAC Financial, a leader in employee benefits and financial advising, emphasises the shift in how companies are approaching employee wellbeing on the podcast: "We are really seeing huge interest from employers, reaching out to say, how can we help support our staff and what is the best approach to achieve this"

This growing interest is driven by the recognition that financial stress can negatively impact an employee’s productivity, engagement, and even physical health. By supporting employees in managing their finances, companies can reduce absenteeism, increase job satisfaction, and foster a more motivated workforce.

Implementing financial wellbeing programs requires more than just offering traditional benefits like retirement plans. Companies need to take a proactive approach, providing employees with the tools and resources they need to build financial literacy and make informed decisions, these include educational workshops and seminars, access to financial planning services, digital tools and resources, financial wellness incentives.

Successful financial wellbeing programs often blend education with practical support, creating a comprehensive approach that meets the diverse needs of the workforce. Rebecca talks about a few examples of how companies have successfully implemented financial wellbeing initiative.  She shares, "We’ve been helping hundreds of companies roll out their employee benefits, this may include financial wellbeing sessions and where employees can access financial advice remotely, at a time that suits them.  We have also seen a big increase in policies like income protection that give employees the financial peace of mind"

As the landscape of employee wellbeing continues to evolve, financial wellbeing has emerged as a critical area for companies to address.

Recently Martin Hall from ATLA and Rebecca Netten of MAC Group caught up on the ATLA Group Podcast. The insights shared by Rebecca underscore the importance of moving beyond traditional benefits and adopting a more holistic, proactive approach to financial wellbeing. By doing so, companies can create a healthier, more resilient workforce, capable of thriving both personally and professionally. You can watch the podcast in full on YouTube: Improving Workplace Wellbeing