The key education employers MUST provide as part of their reward strategy

1979.

The year Margaret Thatcher was voted in as our first female Prime Minister, Trevor Francis became British football’s first £1m transfer deal and the cost of milk soared 10% to a whopping 15p a pint (Something we can only dream of nowadays). 

It was also the same year Pink Floyd released their generational hit Another Brick in the Wall Part 2, with that oh so famous ‘We don’t need no education’ opening line. 

Well, with apologies to Roger Waters, David Gilmour, Richard Wright, Nick Mason and rebellious school children up and down the country, when it comes to the wonderful world of employee benefits, and in this instance financial wellbeing, education isn’t something we can ignore. It’s a VITAL necessity. 

With consumers hit by ongoing cost of living pressures and food/utility bill rises, employees are now demanding more financial support. 

But employers are faced with a dilemma! Our research has found that one in five (19%) businesses are unable to raise salaries in line with inflation. In fact, 27% of businesses say they have lost talent because of this. So, how do they negotiate this? 

As the need to maximise value from employee benefits continues, simply increasing investment into your offering will not always equate to the most effective package. 

Financial education can play such a pivotal role in your overall proposition. And it doesn’t have to cost an arm and a leg. 

Here, we look at the need for personalisation, education, and the providers making a huge difference into the way we educate employees around their finances.  

Despite 49% of employers confirming that they are increasing investment into their benefits package, employees are still continuing to struggle with rising financial pressures. 

In fact, our research found that the top 5 benefits being demanded by employees at present are all financial perks or assistance. These include: 

• Private medical insurance – 32% 

• Increased Pension contributions – 30% 

• Contributions to energy costs at home – 25% 

• Workplace saving schemes – 21% 

• Discounts on high-street shops and brands – 21% 

There is a problematic disconnect between employee expectations and reality. The unwelcome spectre of inadequate benefits packages continues to ring true, with 56% of employees saying they don’t use their benefits as they are not relevant to them. 

If an employee needs support with their financial wellbeing, then benefits and resources relating to other aspects are unlikely to be flavour of the month amongst your colleagues. 

So, if that’s the case, how do you negotiate irrelevant benefit packages while also prioritising financial wellbeing? 

Investing in new benefits is one thing, but increasing accessibility and effective administration is another. Employers must ensure that their employee benefits, and their employee benefits technology, is tailored to the specific needs of their workforce, and that the benefits are clearly communicated and easy to access in order for them to have a genuine impact and effectively support employees. 

Even the most cost-effective benefits can be incredibly successful if they effectively meet the needs of employees on a personal level, be it a particular benefit selection or education.  

The demand for more financial benefits and education is there for all to see. And now it’s time employers provide it.

Flexible, personalised support strategies are key to building a more holistic approach to employee education. 

By increasing communication and engagement with colleagues, employers can use their employee benefits technology to educate their people on the importance of financial wellbeing, helping to impact the decisions they make that impact everyday spending. 

Whether that’s via your company portal or personalised communications, ensuring employees have access or simply know the location of your financial wellbeing tools and resources can help them ‘benefit’. 

As we continue to live in a yo-yo effect of financial turmoil, this can make such a positive difference to the financial wellbeing of colleagues.

From one-to-one coaching right through to engaging tools to maximise financial wellbeing, we have a number of Marketplace partners who are helping to improve the finances of employees up and down the country. They include: 

Maji

Maji’s affordable financial wellbeing and money management platform gives your employees personalised support to reduce stress, mental health challenges and absenteeism associated with money worries.  

Employees can take control of their money with open banking tools, improve their financial health with a tailored coaching plan, get 1-1s with trusted coaches and advisors, work towards goals with a financial plan, increase their confidence with financial education and understand how existing employee benefits are relevant for them. 

Money Guided 

Money Guided is the AI-powered, digital financial assistant that helps your staff better understand and take control of their finances.  

This is a revolutionary way for organisations to support and empower their teams financially. Money Guided brings an individual’s entire financial life together, connecting accounts and policies into one secure and easy-to-manage place. 

LifeStage 

LifeStage is a people-first financial wellbeing solution designed to empower employees at every stage of their financial journey. Combining innovative technology with expert human support, it provides a holistic approach to achieving lasting financial confidence. 

From an intuitive onboarding process to ongoing tailored guidance, LifeStage ensures every employee feels supported. 

Lifetime FM 

Lifetime FM are dedicated to improving financial wellbeing across the UK by offering clear, jargon-free financial education, planning, and advice to individuals and employers alike. Understanding that navigating the complexities of personal finance can be overwhelming, their goal is to simplify the process and make financial knowledge accessible to all. By empowering people with the right tools and understanding, Lifetime FM aim to help employees take charge of their financial futures with confidence. 

MoneyFit 

MoneyFit is a cost-effective digital employee financial wellbeing solution that helps to improve employees’ confidence, control and capacity with their finances. 

Using engaging interactive tools and plain English educational content, MoneyFit helps employees to demystify finances and feel more confident to make informed decisions about their money. 

To find out how you can partner with our fantastic Zest Marketplace providers and innovate the way you offer financial education and support, contact us today.