Charles Cotton will talk about the CIPD’s latest employee well-being research. This looks at the issue of employee financial well-being. Our study finds many employees explaining money worries have affected their ability to do their jobs. Even some relatively high earners say financial anxieties have affected their performance. Money issues can affect anyone, typically impacting staff performance through lost sleep, poor decision making and lost working hours. The situation is set to get worse, as student debts, the cost of living, house prices, childcare and elder-care costs are all set to rise, while employee pay is likely to increase only marginally. Throw in such challenges as changing employment contracts and practices with the lack of household saving to deal with financial emergencies or retirement, and the prospects look even more troubling.
What’s to be done? The research shows there is a case for employers to help their employees’ financial well-being. It is simply the right thing to do and it can boost their own financial success through increased productivity and higher revenues. However, employers cannot do it all by themselves. Government, the financial services industry and employees themselves all have roles to play in improving financial well-being. Charles will look at the steps employers can take to improve their employees’ financial well-being, such as through introducing a dedicated strategy and assessing its impact. He will also look at some of the insights from behavioural science and how employers may use these to prompt workers to make decisions which improve their well-being. While pay levels are important to financial well-being, so too are how pay decisions are made and people’s abilities to make appropriate decisions when saving, spending or borrowing.
This event forms part of a series entitled “Creating Harmony.”, offering members a range of interesting topics for both generalists and specialists. Our topic will support Continuing Professional Development because participants will understand how to:
- Improve their rewards and benefits policies to take account of employee preferences
- Take action to implement important rewards and benefits which have a behavioural impact
- Understand how to ensure rewards and benefits work effectively for employers and employees
Our meetings allow networking to take place before and after the main presentation. Members considering upgrading can usually seek advice from Paula Grayson after the event.
Professional photography and video production will be taking place at the event, and these images may be used on future promotional materials for CIPD. Please note that by attending the event, you are giving your consent for your image to be used on any CIPD promotional materials.
When & Where
CIPD Bedfordshire and Milton Keynes Branch
The CIPD Bedfordshire and Milton Keynes Branch provides opportunities for its members to network with local HR and L& D professionals,
Embracing Championing Better Work and Working Lives, our programme of events promotes development and networking e.g. updates on employment law, skills development for the CIPD Profession Map and CPD supporting upgrading.
Our events are organised through two geographical groups, Bedfordshire and Milton Keynes, together with our special interest groups Learning Matters and Mentoring scheme.
As members together with your guests, you are welcome to attend any of our advertised events.