How HR Tech Is Helping Employee Financial Wellness

Employee Wellbeing is a hot topic in the HR world and has received a ton of attention recently, particularly during the coronavirus pandemic. Last summer, we explored this theme in our blog as we looked at some of the core pillars of wellbeing - Physical, Mental, Social and Financial - and the types of technologies that can support employees to look after these pillars in the new world of work. If you’d like to check out that article, you can find it here.

In this blog, we delve further into the subject of Financial Wellbeing for employees. Talking about money is often seen as the last taboo. But, there is no time like the present to tackle this issue head-on; financial wellbeing is more important than ever!

For many employees it must feel like they’ve jumped out of the frying pan, only to fall straight into the fire. We’ve gone from financial uncertainty and stress caused by the Covid-19 pandemic to a global spike in the cost of living. In the UK for example, a major crisis looms over the nation where rising energy prices, grocery prices and soaring inflation are squeezing the budgets of millions of people.

Of course, it would be easy for us to simply say to pay your employees more money. Extra cash in their pockets will go some way towards helping employees during these challenging times. But, working on the assumption that you’re already paying your employees a fair and liveable wage, there’s much more to financial wellbeing than just having more money. What we’re most interested in at DayoneHR is how HR Technology can help improve the financial literacy of employees and contribute towards improvements in employee wellbeing.

OK, so how does HR Tech figure into this?

Recently we caught up with our partners over at Bippit on how their platform gives people trusted financial 1:1 coaching, so they feel less stressed and more settled in their job.

With Bippit, your employees are matched to a dedicated coach who is vetted, qualified, professionally regulated, and completely impartial. So your people can benefit from a safe place to share their financial worries whilst enjoying peace of mind that they’re getting the best support available. Through the Bippit tool, employees have access to their coach via mobile or desktop whenever needed (no bots and no limits).

Bippit’s platform gives users access to hundreds of practical resources created by financial experts to help employees improve their financial confidence, organise their financial future, and take action. Moreover, the system learns from the activity of each individual so the most relevant learning resources are highlighted.

It’s important to remember that your people will have different requirements at different stages of their lives. Whether they’re just starting out in their career and need advice on paying off debt and building an emergency fund, or they’re further along in their career and thinking of their pension and the risks of investing, Bippit’s coaches and tools can help.

If you’re thinking of implementing technology solutions to help with your employee wellbeing strategy, then we would love to have a chat. Recently, our founder Lauren Cowan was recognised as a Top HR tech influencer to follow in 2022. Reach out to us on our contact page to book a free consultation directly with Lauren today.