May 31 2023 | Giorgia Rose
Monthly global money spotlights [May]
In-house nudge writer Giorgia Rose shares what you missed from our live news feeds this past month. Here is her roundup of global financial trends from May 2023.
4 min read
We recently hosted a webinar with the brilliant Debra Corey, award-winning HR leader, world-class speaker and four-time book author, to discuss how employers can tackle the Great Resignation by building a bond with their employees through employee benefits and impartial financial education.
Her action-oriented approach took us through 6 top tips to help you create and maintain that bond with your people. We’re going to share an insight into three of these tips so that you can start implementing them into your strategy today.
#1 Lead with strategy and align with your values and culture
The only way to have a bond in any relationship is to have shared beliefs that unite you to one another. And for this reason, if you genuinely want to create and maintain a bond with your people, you need to be led by your beliefs - your company values. These are what tell your people who you are and what you stand for, coming together to drive behaviours, actions and to create your own unique company culture.
And when it comes to employee benefits, your values need to have a starring role to help you set your strategy and select the benefits that are right for your company and your people. This is more important than ever as people put culture and values high on their list of why they decide to join and stay with a company, so if they don’t find them being lived, they’ll quickly decide to leave and find a company where they do this.
Here are two things to consider as you do this:
#2 Weave in care, compassion and empathy
Over the past few years, companies have done an amazing job showing care, compassion and empathy to their people, helping them both professionally and personally deal with the challenges that life was throwing at them. And because of this, our people have grown to expect this from us, asking us to use care, compassion and empathy in how we treat them, and when it comes to employee benefits, how we weave them into how we select and design our company benefit programs.
Here are three things to consider as you evaluate/re-evaluate your employee benefit programs, weaving in the mighty trio of care, compassion and empathy:
Financial education is a great example of a benefit that ticks all three of these boxes - giving employees something they need that will make a genuine difference in their lives, is something they can use time and time again ‘in the moment’, and is flexible enough to meet their changing needs.
#3 Make sure your benefits meet the needs of your diverse workforce
When I started out working in benefits many years ago, we had one limited set of benefits that fit a generic set of needs. But as the workplace has changed, it’s become more important to design our benefits offering around the diverse needs of our people, understanding their own unique requirements. In fact, according to a study by Reward Gateway, 51 percent of employees said they want employee benefits that align with their needs.
This can be done in two ways:
Financial education is an example of the latter, for although finances are something that the majority of our people worry about as shown in the research below, the way we manage and deal with varies from person to person. And for this reason, it can meet the current and evolving needs of your workforce.
Research from nudge found that:
● Half of the people surveyed (52%) worry about money at least once a week
● 18% worry about it every single day
● 25% say that their money worries impact their mental health.
If you’d like to hear all six of Debra's top tips for building a bond with your people stronger than money, you can watch the webinar on demand.