How some astute financial moves can soften the coronavirus impact for employees

The effects of Covid-19 have been far-reaching, extending beyond immediate health concerns to disrupt the very fabric of our lives. Much has been made of the damage to businesses, but on a personal level new financial pressures can put a serious strain on our mental wellbeing.

How some astute financial moves can soften the coronavirus impact for employees

In our latest white paper we map out a path for employees to secure their financial futures, and a plan for HR executives to get it past the boardroom.

Even before the pandemic outbreak, CIPD’s Health and Wellbeing at Work (2018) report revealed that 78% of employees said financial concerns contributed to their stress levels. This problem is now amplified, with further pay cuts and job uncertainty on the horizon, with no light in sight. And the worry doesn’t stop there, as future incomes are dependent on whether companies can weather the storm. We have found that events like this only further highlight the need for employers to start taking financial wellbeing in the workplace seriously.

David Pugh, managing partner at employee benefits and financial wellbeing consultancy Lemonade Reward, says: “It is in these difficult times, that we really appreciate our financial security and any savings we have built up.

“Some people are not lucky enough to have built up a rainy-day fund, but it doesn’t have to be this way. There are lots of tools, tricks and strategies to make your money last to the end of the month, and hopefully build a safety net along the way.

“We understand it’s hard for some HR executives to put together a business case for their company to spend on financial wellbeing, and this is why we have created our latest whitepaper. Our aim is for everyone to have access to a good financial education, so in times like these employees can feel prepared and have less worry.”

The white paper, Getting to the heart (and the money) of employee wellbeing, looks to address the deafening calls for financial wellbeing at work. It provides a breakthrough, easy-to-follow, step-by-step guide outlining a solid business case that stakeholders will find hard to ignore – it won’t be just the employees who benefit. Download the white paper.

This article is provided by Lemonade Reward.