Workplace Financial Wellbeing
Over the past decade, the term employee wellbeing has something of a buzzword in the corporate world. Employers of all sizes and types are gradually recognising the benefits associated with prioritising employee wellbeing.
According to a recent financial wellness survey by PwC conducted in January 2023, financial concerns are widely recognised as a leading cause of stress. Therefore, taking proactive steps to address this issue could potentially prove to be a prudent business decision.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
What are some of the financial challenges employees face today?
Inflated housing prices with reduced lending options
Social media influence leading to overspending
Reduced government support
Record low savings rates
Rising cost of living
At Southover Wealth, we work alongside HR teams and company leaders to align the company’s well-being strategy. Our aim is to help employees in understanding their available financial benefits through our comprehensive financial education programme aimed at helping employees maximise their financial benefits. When understood and implemented correctly, can drive increased value to employees in a cost-effective solution.
/ CONFIDENCE
/ KNOWLEDGE
/ SECURITY
Our solution to help improve financial wellness
Bespoke Workshops
A series of financial education sessions for your employees, tailored to their individual needs and designed to showcase your employee benefits package. The sessions cover everything from saving, and budgeting to planning for retirement.
Personal 1:1 Consultations
Providing personalised guidance in 1:1 consultations where employees review tailored planning reports to address specific questions. These sessions offer information and guidance, with the option for employees to request additional advice if needed.
Employee Benefits Review
Do your employees value the benefits that you give them? Does the cost to you represent value? Is the level of cover suitable for their job role? Are there gaps in cover? planning into our investment strategies, we help individuals and families protect and preserve their wealth for future generations.
Workplace Pension Review
If you’re still on a standard “relief-at-source" pension scheme, both the company and employees can benefit from national insurance savings through salary sacrifice. Consider whether the current charges are higher than market rates and if there are limited investment options for employees.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is dependent on individual circumstances.
Our Approach
01 Assess employee demographics
03 Apply industry knowledge & expertise
02 Understand current employee benefits
04 Build bespoke seminar programme
05 Programme delivery
06 Ongoing support
What can you expect?
Building upon the success of our previous financial education seminars, we conducted a survey and discovered there was a positive impact on our members’ decision-making and contributions.
What are the benefits?
By improving your employees understanding of personal finance, you pave the way for a host of benefits that go beyond the bottom line and help cultivate a deeper appreciation of the value they place on their work. This can include:
Alleviate Financial Stress
Higher Employee Retention
Improved Decision Making
Reduced Cost Of Absenteeism
Increased Job Satisfaction
Better Overall Performance
Why?
According to research, a report shows that 72% of employees surveyed wanted access to a workplace savings scheme and feel it's important for employers to provide financial well-being programmes.
Just by investing in workplace financial education, companies show their dedication to the well-being and development of their workforce. At Southover Wealth, we aim to provide the necessary resources along with the knowledge to help you take the initial step in enhancing your workforce through financial education.
Money and pensions service, the essential guide for employers March 2023 2000 responses
“As an employer of a widely ranging employee age base, we were extremely pleased to implement a financial planning service with our SJP Partner.”
“It was easy to book in a face to face 1-2-1 meeting for everyone and the feed back following those meetings has been more than encouraging. Our partner was described as "extremely knowledgeable", “friendly and approachable" and "not at all judgemental of my lack of any financial plan" and there has been considerable take up of follow up services too. We wouldn't hesitate to recommend our SJP Partner to anyone looking for financial planning assistance.”
Debbie Matthews
ITEC Systems
Contact us.
For more information drop us an email below and we will be in touch.
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