Enhancing employee engagement surveys with financial well-being insights

Introduction

In today’s fast-paced world, employee engagement surveys are crucial tools for employers and their HR teams. These surveys act as compasses, navigating employee well-being and helping organizations foster positive and productive workplaces.

Many employees nowadays have financial worries. The high inflation of recent years, a tight housing market and stock market volatility are complicating personal finances.

This guide offers employers strategic insights on how to integrate financial well-being into employee engagement surveys. Use this guide and break the silence around a persistent taboo and see the strategic advantages it offers to both employees and employers.

An important gap in employee engagement surveys

Recent research by Equip reveals a staggering statistic: 59% of employees never or rarely engage in discussions about their finances in the workplace. You could see that as a paradox: the workplace, the ultimate provider of financial stability by providing a salary, pension and career advancement opportunities, apparently isn’t the place where those concerns are talked about.

Because of this taboo, it can be a great challenge for HR teams to find out whether employees face financial uncertainty. Whereas overlooking financial well-being has high hidden costs.

First of all, financial uncertainty is a driver of mental health issues. This is a costly problem for employers, with a burnout costing on average EUR 60k (Zilveren Kruis, 2018). Secondly, financial uncertainty is a driver of employee turn-over. Employees with financial worries are more likely to find their “financial luck” elsewhere. The costs of employee turnover are estimated at 50-200% of an annual salary (SHRM, 2023). If you want to read more about the hidden costs for employers due to financial uncertainty among employees, read this blog.

Implementing new questions in employee surveys

To bridge this gap, we recommend incorporating financial well-being questions into regular employee surveys. This approach ensures a comprehensive assessment of financial health without compromising privacy.

See here four suggested questions for you to consider. Incorporating these questions not only deepens your insight into employee financial well-being but also conveys empathy towards the challenges they face.

How secure do you feel about your financial future?

• Answer options: scale from 1-10

• Additional context with question: 10 would mean you feel confident that you can achieve your life goals financially; like buying a house, having a good standard of living, raising your children and retiring comfortably

Do you experience stress or anxiety when thinking about your own finances?

• Answer options: Very Often, Often, Sometimes, Never

What level of comfort do you have with personal finance topics?

• Answer options: ask employees to rate their comfort 1-5 for each individual personal finance topic

• Ask for individual topics: Budgeting, Pension, Home Buying, Saving, Investing, Tax

Do you have access to independent experts who can help you navigate financial decisions?

• Answer options: Yes, Maybe, No

Taking action for a financially healthy workplace

The results of the survey will give insights about whether and where support is needed. With a diverse workforce, either in demographics or income, most likely there will be many diverse answers. Recognizing the signs and understanding the unique challenges faced by employees is the first crucial step. Offering holistic financial well-being support can be a great solution for all employees.

How Equip can assist

Equip provides a holistic platform that is completely independent of any financial institution. No affiliations with banks, pension providers or investment platforms. Our commitment is to provide unbiased guidance on all financial topics, ensuring your employees receive the knowledge and support they need for financial well-being.

Equip has helped HR teams of companies big and small with uncovering the financial well-being needs of their organization. For example, by devising tailor-made surveys, organizing one-off workshops and doing pilot projects to test appetite for additional support.

Get in touch now to explore how we can support your journey towards a financially healthy workplace.