Advice

Understanding employees’ financial needs

3 Sep 2019 By Advertising feature

Throughout our lives, our financial priorities change constantly. Understanding what matters to employees at any given time makes all the difference when structuring benefit schemes they will genuinely appreciate. Barnett Waddingham explains how technology can help

Barnett Waddingham believes that financial security is divided into three distinct areas; the provision for today, tomorrow and one day. That is, we all need to have financial security in the short, medium and longer terms.

An employee’s disposable income is competing against other needs, including basics such as food, clothing, shelter, transport and heating. The aspirations they have for tomorrow might include a simple holiday, rather than, for example, thinking about the size of their retirement fund.

What do employees want? 

Employees have diverse needs at different points in their lives. Will shopping discounts be useful? How important is health screening? Are they on course to achieve their retirement aspirations? Is paying into a pension a priority at the moment?

So it’s important to understand an employee’s likely current financial priorities and to structure employee benefits, including pension contributions, accordingly. 

A considered, structured rollout of appropriate benefits will ensure that all your employees who have a particular need for a certain intervention get the right opportunity to access it. 

Engaging employees with the right benefits

This approach is at the heart of Me2, Barnett Waddingham’s digital service designed to help employees engage with the range of workplace benefits available to them. 

By communicating targeted benefits to suit an employee’s age, life stage, family status, health and financial needs, they can then pick and choose those that suit them best – both now and in the future. It’s about engaging employees to help them make decisions that will improve their lives.

When you give employees the opportunity to choose benefits they really want, you’re showing how much you value their physical, mental and financial wellbeing.

Find out more about employee financial wellbeing and Me2

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