5 emerging workplace financial wellbeing trends
How do you keep on top of trends? We believe that conversations with experts are the most effective way to keep informed of the latest thinking that’s transforming how organizations enhance employee financial wellbeing and inclusion. That’s why we invited a panel of financial inclusion experts to discuss innovation and inclusion in financial wellbeing. As we embark on this journey forward, let's delve into five emerging trends shaping the future of workplace financial wellbeing:
1. The connection between financial wellbeing and DE&I
Research shows, that female colleagues are often less financially confident than male colleagues. Luckily, in most organizations, diversity, equity, and inclusion are on the agenda. Financial wellbeing can be a brilliant way of addressing that topic and having that measurable impact on those different communities in your organization.
2. Employees need a safe space to learn
Clare Collins, who’s a B2B Account Director at Samsung and part of the Women@Samsung Leadership team, shared how women’s finance training has made a difference in inclusion: “What really resonated for people in that particular session [women’s finance training] was just the honesty and the frankness of the session, and the safe space that was created there. Tools like AI and the evolved community learning are nice ways to help women, in particular, feel safe and less silly about financial matters.”
3. Upskilling of employee groups to help spread knowledge
Paul Dixon, Vice President, Global Benefits Design & Strategy at Kyndryl, shared how Kyndryl educates their ERGs: “For me, the more information, the more education, the more training we can give our employee volunteers, the easier it is for them to then disseminate that information, not just within their community, but actually, it spreads out further to others who aren't even part of their communities.”
4. Talking about money helps you to realize your bad habits
“The biggest takeaway, and the biggest positive, that we received from those sessions [financial wellbeing masterclasses] is that within those sessions, all the groups recognize that they are currently exhibiting what I would call bad financial habits. The recognition that we have bad financial habits is the first step on the journey to leading to better financial habits.” Paul Dixon shared.
5. The knock-on effect of financial wellness
Clare Collins highlighted how physical wellbeing is interlinked with wellbeing: “But more broadly, we've [Samsung] got a big focus on wellbeing. When people think about wellbeing they just think about physical wellbeing. But when you feel financially well, it has a knock-on effect on your entire sense of wellbeing. So, it’s a great opportunity to build financial wellbeing, into broader wellbeing initiatives.”
Thank you to the incredible experts who contributed to the conversation. It’s clear that there are many emerging trends that are reshaping the way organizations approach and support their employees' financial health. As we move forward, it's key for organizations to adapt to these trends, and leverage innovation and resources to empower employees to achieve financial security and success.
Get in touch if you want to know more about innovation at nudge.