Employers now need to provide financial advice access for staff
Now more than ever before, major employers need to provide their employees with access to independent financial advice.
As the COVID-19 pandemic continues, businesses and their staff are seeking to readjust their financial strategies.
Immense progress is being made in the public health battle against coronavirus and the subsequent economic fallout, thanks to the commitment shown by organisations, businesses, individuals, central banks and government, amongst others.
Nevertheless, the pandemic has had a serious, immediate impact on economic activity, with the true extent of the effects still unknown.
Naturally, there will be a recovery, and it could happen relatively quickly. However, the world of work has changed, as is always the case during economic downturns.
As it stands, businesses are doing everything possible to minimise redundancies and cope with supply/demand factors, many workers have been furloughed and many have serious concerns about their financial security.
As such, despite the immense challenges – or indeed because of them – major employers need to offer their staff access to independent, financial advice.
This would not only benefit the employees, but also the employers, the wider society and the economy as a whole.
There doesn’t need to be any additional costs or complicated undertaking for employers by incorporating a financial adviser into employees’ benefits programs. Such advice sessions are usually free of charge, both for the firm and employee.
In turn, by upgrading their employees’ benefits programs, employers will be best-placed to attract and retain top talent during the recovery from this pandemic and into the future, which will likely be fundamental to their success.
Furthermore, the coronavirus crisis has reinforced the fact that firms will only survive and thrive if they have the nod from the wider court of public approval.
When employees are in control of their personal finances, they’re on the right track to reach their long-term financial objectives, usually regarding asset protection, education fee planning and retirement planning.
Consequently, this makes them more content, more focused and more productive.
Now more than ever we need a joined-up thinking stance when it comes to financial advice. Of course, it’s in everyone’s best interests that employees are as financially secure as possible.
The cost of more and more of the population becoming financially reliant on the state is highly damaging to individuals and their families, as well as society in general, and will greatly hinder sustainable, long-term economic growth.
Therefore, employers now need to actively engage with the financial advisory industry.