Nurturing Financial Wellbeing for Employees During the Festive Season
As the festive season approaches, the spirit of joy and giving fills the air. However, for many, it can also be a time of increased financial strain, stress and anxiety. Balancing celebrations with personal finances can be a challenge, especially for your employees managing their budgets amidst holiday expenses and the cost-of-living crisis.
At Footprint, we understand the significance of fostering financial wellbeing among our valued team members, especially during the Christmas period.
Read on for some hot tips about how you can support your employees’ financial wellbeing so that they can enjoy their Christmas and welcome the new year being refreshed and excited!
Recognising the Challenges
The holiday season often brings forth a surge in expenditures, from gifts and decorations to travel expenses and celebratory gatherings. For employees, these added costs can amplify existing financial stress.
As people managers, it can make a HUGE difference simply by acknowledging these challenges and offering meaningful support.
Encouraging Open Dialogue
Creating a culture where employees feel comfortable discussing financial concerns is SO IMPORTANT! Encouraging open dialogue between people leaders and employees allows for the identification of individual needs and enables YOU to offer tailored, meaningful support. Additionally, providing access to financial counselling, education or support services can be immensely beneficial.
Empowerment Through Education
At Footprint, we believe in empowering our employees with the tools, resources and knowledge to navigate financial responsibilities effectively. Hosting workshops or providing resources that focus on budgeting tips, smart Christmas saving hacks, and managing holiday expenses can significantly aid in bolstering financial literacy and preparedness in your employees.
For those of you who already provide Footprint employee wellbeing solutions as part of your employee benefits, NOW is a great time to remind your staff about this handy resource!
Flexibility
Being flexible with your employees during the holiday season can offer low cost, high value benefits to them and it doesn’t always have to be a monetary amount. For example, allowing them to finish work a couple of hours early or start later, to do their Christmas shopping and beat the queues, can be highly appreciated.
Knowing that the cost of Christmas is always a stressful and expensive time for all, being a flexible employer and thinking outside of the box won’t only bolster wellbeing, but also increase retention as you’re showing that you acknowledge the challenges and you’re supporting them in a meaningful way.
Promoting Stress Management
Financial strain during and leading up to the holiday season can lead to increased stress levels. Encouraging stress management techniques, such as mindfulness sessions, mental health resources, or offering extra time off, can aid employees in coping with the pressures of the season.
The cherry on top? Show that you’re ALL in this together by encouraging senior leadership staff to join these mindfulness sessions. It doesn’t matter what level of seniority is in the team, we all experience stress in different ways, showing each other support helps build a strong team culture.
Let’s support our people to ENJOY their Christmas!
Particularly with the trying times of today with the cost-of-living crisis, it’s never been more important to nurture the financial wellbeing of our employees leading into the Christmas season.
We know that financially, Christmas can be a challenging time for many. We’ve all been there before! From navigating the Christmas family gatherings (yikes!), ensuring the elf on the shelf has a new activity every night to hoping that Santa delivers your wish list, it can be tough!
But like all challenging times, there are opportunities! For people leaders, now is a great time to improve employee morale and loyalty to the organisation by showing that you care. The suggestions outlined in this blog are just some examples of the many meaningful things that you can do to show that you are an employer that cares and looks after its people.
For current Footprint employee benefit partners, keep in mind that although you may have shared and encouraged the use of our offering to your people, now is a good time to remind them of what’s included and the value you’re supporting them with.
If you’re not already offering Footprint employee wellbeing solutions for your people, we’d encourage you to explore what we have to offer! From bite-sized financial learning resources to wellbeing guides, we empower employees to take charge of their financial preparedness and wellbeing!
