Workplace Solutions
Providing your employees with bespoke, comprehensive financial advice.
Why your employees’ financial wellbeing should be one of your top considerations.
Financial education can help employees make better decisions and feel more empowered, confident and secure.
The idea that a company’s biggest asset is its workforce is hard to dispute. So it stands to reason that if they can invest in something that benefits both the employees and the business, and that is shown to boost productivity, most companies wouldn’t hesitate.
However, translating that sentiment into more tangible terms might not be that easy. After all, how do you compare the value of your employees with the value of your property or intellectual property, for instance – especially if employees are easier to replace? But there’s one area in which investing in employees simply makes sense, both for them and for the company: their wellbeing.
Solutions for Private Equity (PE) Firms
Giving your firm a competitive edge through a Financial Wellness Programme for your employees, with expertise in funding GP commitments, co-investment, management of offshore assets and remittance, access to specialist banking and lending services, and planning for non-domiciled individuals.
Explore In DetailEmployee Wellbeing Programmes
Available for a broad range of sectors; enquire today to understand how we can help your employees to utilise the benefits, rates and reliefs available to them, improving their financial wellbeing.
Enquire todayBespoke for you and your employees.
Often overlooked due to time limitations, we act as your financial concierge, helping you to utilise the reliefs and allowances that are available to you.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.
Specialist expertise in the management of offshore assets and remittance planning.
With an understanding of complex earning structures, we can help you to secure off-market products, and finding lending solutions for your residential, buy-to-let or commercial purchases, as part of your broader financial plan.
Your home or other property may be repossessed if you do not keep up repayments on your mortgage.
Commercial and some buy-to-let mortgages are not regulated by the Financial Conduct Authority.
All enquiries for commercial lending will be referred to a service that is separate and distinct to those offered by St. James’s Place.
Creating a comprehensive strategy for accumulation and drawdown, based on complex earnings structures, in order to build and preserve wealth for your retirement.
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.
Recommending a mixture of pensions, gifting, trusts, business relief and other solutions specific to your individual circumstances, in order to protect your wealth for future generations.
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 depends on individual circumstances.
Trusts are not regulated by the Financial Conduct Authority.
1. Employee wellbeing is no longer just an internal matter…
…it’s also something investors are increasingly looking at from an ESG perspective. If the majority of your employees spend most of their waking lives at work, the troubles and stress they experience in their personal lives will inevitably seep in.
Employers can be sure that at any given time, at least some employees will be affected by stress and mental-health issues that undermine their ability to perform.
Employee wellbeing is a big root cause of how productivity changes. If you have a lot of stress, productivity goes down, morale goes down, and time and brainpower are affected. Using parts of your day to deal with issues such as financial problems will have an impact on your productivity and your capacity to think about other things.
In other words, worries don’t go away just because you’re at work. It’s completely understandable, but it has a business impact too, so it’s beneficial for everyone for those instances to be reduced and for people to feel supported.Investing in employees to mitigate those risks is clearly not just a ‘good’ thing to do, but positive for the bottom line too. It also forms part of a company’s environmental, social and governance (ESG) considerations. The ‘S’ component of ESG covers the relationships that companies have with employees, customers, suppliers and the wider community.
Companies are now being held more to account socially for employee wellbeing, so they need to be aware of that and be able to show what they’re doing.2. Stress and mental-health issues can affect employees’ performance and productivity…
…leading to low morale and unplanned absences. One factor that can have a substantial impact on an employee’s wellbeing, and indeed their productivity at work, is their relationship with their finances.
Many UK businesses say they have been impacted by poor employee financial wellbeing, through outcomes such as reduced productivity, loss of talent and more short-term and long-term absences.
Financial worries can affect anyone. Financial wellbeing isn’t just about how much money you have, but also about how secure, confident and empowered you feel financially, according to the Money and Pensions Service. Tackling financial wellbeing is therefore vital to any company that is committed to supporting the mental health of employees. This is partly about emotional support, but there’s a practical element too, especially when it comes to helping employees build their financial confidence and wellbeing. In some cases, it will begin with financial education and equipping people with the tools to manage their finances effectively. This is where providers of financial education are helpful – improving people’s day-to-day confidence and resilience as well as addressing their future and what’s worrying them.
3. Money worries are a key issue…
…with so many UK businesses affected by poor employee financial wellbeing. Tackling this is crucial for any company that is committed to supporting the mental health of its staff.
Partnerships between companies and financial organisations can also help firms communicate their existing reward packages more effectively. Employees often need support when making decisions about those opportunities.It’s really important to help people translate what the different arrangements can mean for them. You only need to look at the number of people still in the default fund of their pension plan. While it will be right for some, more often it indicates that they haven’t engaged with their pension or even their wider benefits package, suggesting perhaps that they need support in doing so.Financial education is about equipping people with the ability to make informed choices and giving them the information they need in order to feel more confident. If you have someone there supporting you and talking you through the financial implications of what they’re doing, even just having that peace of mind is reassuring. You worry less when you have someone in your corner.
