Over recent years, the argument for providing financial education in the workplace has developed from a 'nice to have' to a compelling business requirement.
Financial education programmes have been recognised as an essential tool to help align the employee's individual interests with those of the organisation and to support a more productive workforce. The benefits to both companies and employees are clear:
- Employees in control of their financial health and future suffer less from stress and are less likely to be absent from work and are therefore more productive. Research by both AXA in the UK and Virginia Tech University in the US support these findings.
- When employees do not fully or correctly understand the benefits on offer, companies do not realise the full value of their investment in these benefits. Strategic HR objectives such as employee acquisition, retention and incentive are needlessly compromised.
- Finally there is the cost of doing nothing. Employees not supported in making informed choices about benefits such as share plans and pensions will make the wrong choices. Whether perceived or real, the failure to support informed decision making will lie with the employer and this represents unnecessary risk.
Companies looking to deliver a workplace financial education programme face a myriad of challenges. We know - we've been there. At Copperfield Communication, we've been developing financial education programmes with our clients for years. Along the way we have learnt some valuable lessons which we'll happily share with you.
This experience has also lead us to put all our knowledge and experience into practice as we launch our own digital financial capability network called IN POCKET.
Client Experience
Crafting Communication with:
- Orange
- Thomson Reuters plc
- the Copperfield digital financial capability network