Want to improve employee engagement? Pay more (but not too much more)
Financial wellbeing: "Money can't buy you happiness, but it can buy you a jet ski and that's kind of the same thing."
When it comes to employee wellbeing initiatives, one would expect to find offerings such as office snacks, zoning areas to encourage creativity and perhaps even 'pillow days'.
However, with so many employees worrying about reduced working hours, higher day-to-day bills from working at home, and the risk of redundancy during COVID-19, perks such as these could come across as out of touch or even downright insensitive when you could just pay them more.
As an employer you may feel like your responsibility to your staff’s financial wellbeing is fulfilled by paying their wages and providing a pension scheme. But the fact is that financial wellbeing is at a real low - 53 per cent of workers worry about money at least once a week, according to Nudge - and this takes its toll on business performance.
