Building the business case for employee financial wellbeing

IES Perspectives on HR 2018

Rickard C | HR Network Paper 140 | Institute for Employment Studies | Aug 2018

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This paper considers how organisations can build the business case for employee financial wellbeing and offers practical guidance to HR and senior leaders in this area. Part of our Perspectives on HR 2018 series, the paper highlights that despite growing interest in employee financial wellbeing, few organisations are yet to make headway in providing support to their employees.

Authored by IES senior research fellow, Catherine Rickard, the paper reflects on a recent Money Advice Service-funded study conducted by IES, which trialled employee financial wellbeing guidance developed by IES on behalf of the Chartered Institute of Personnel and Development (CIPD).

The paper shows that HR's role is crucial in 'selling-in' organisational support for employee financial wellbeing to senior leaders. Strengthening the employer brand, an improved reputation through corporate social responsibility, and links between wellbeing and productivity are all areas that HR can evidence to capture senior interest and buy-in for engagement in this area.