Welcome to another episode of the Preventing People Problems podcast, brought to you by the HR Department. In today's episode, Tracey Hudson is joined by John and Justine Piercy from FinWell (www.finwell.uk) to discuss the crucial topic of financial well-being for employees.
🎙 Podcast Guests:
John Piercy: Well-being coach and qualified financial advisor with 30 years of experience in financial services.
Justine Piercy: Head of Training at FinWell with 30 years of experience in banking and finance, specialising in leadership, training, and coaching.
Topics Covered:
- Why Financial Well-Being Matters: Understanding the impact of financial stress on employee productivity, retention, and mental health, especially in the context of the current cost of living crisis.
- The Role of Employers: How employers can support their employees' financial well-being, including the importance of financial education and the benefits of proactive support.
- Signs of Financial Distress: Recognising the signs that employees might be struggling financially, such as unusual requests for wage advances, changes in behaviour, and subtle indicators of stress.
- Salary Sacrifice Explained: Exploring how salary sacrifice works, its benefits for both employees and employers, and practical examples of how it can save on taxes and increase pension contributions.
- Support for Small Business Owners: Tips for small business owners on how to manage financial wellbeing within their teams, including affordable alternatives to corporate benefits and understanding tax advantages.
- Building Financial Resilience: The importance of financial education and savings for employees, highlighting the shocking statistic that 20% of the population has less than £100 in savings.
Key Takeaways:
- Financial well-being is critical for maintaining a productive and healthy workforce.
- Employers, especially small business owners, need to be equipped with the knowledge and resources to support their employees effectively.
- Simple steps and education can significantly enhance financial resilience among employees.
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