<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=290033&amp;fmt=gif"> Employee Financial Wellbeing Calculator

Welcome to the Employee Financial Wellbeing Calculator.

Simple yet powerful, this quiz will assess how your organisation is performing – and provide practical guidance on how to elevate financial wellbeing for your workforce.

Begin

Payroll accuracy and transparency

25% of employees have faced financial hardship caused by payroll errors. Increasing accuracy and transparency helps avoid this situation – and the anxiety it brings.

Question #1: What level of payroll visibility do you provide to employees?

Payroll accuracy and transparency

Question #2: How do you respond to employee payroll queries and requests?

Financial literacy and budgeting

Only 48% of people are considered ‘financially literate’, helping to explain why so many employees experience stress when dealing with day-to-day finances. Are you supporting them properly?

Question #3: Do you signpost additional financial training and education tools to your employees?

Financial literacy and budgeting

Question #4: Do you offer additional tools to help colleagues better understand their finances?

Payroll savings and flexible pay

To stay in control, employees need ways to save and spend according to changing financial situations. But do your current processes enable them to do this?

Question #5: Do you encourage employees to save money for the future?

Payroll savings and flexible pay

Question #6: Do you provide salary advances or flexible pay to help employees manage financial emergencies?

Smart benefits to boost financial wellbeing

Financial stress affects both mental and physical health. Creating a holistic benefits package that helps maximise wages will help to build a healthier workforce.

Question #7: Do you offer additional benefits to help make pay go further?

How do you help employees with important financial processes like mortgages or loan applications?

Question #8: How do you help employees with important financial processes like pensions or mortgages?

Assessment complete. Your score is ready!

Just fill in the details to unlock your tailored Employee Financial Wellbeing Report, complete with:

  • Overall Employee Financial Wellbeing (EFW) score
  • How you’re performing in each key area:
    • Payroll accuracy and transparency
    • Financial literacy and budgeting
    • Payroll savings and flexible pay
    • Smart benefits to boost financial wellbeing
  • The impact on your organisation
  • Specific recommended next steps
  • Useful resources to help you

Score Up to and including 11/40: Financially flagging.

Your organisation is in urgent need of effective financial wellbeing initiatives to boost employee productivity and engagement. There’s still a lot of work to be done – but by completing the financial wellbeing calculator you’ve already taken an important step towards making a difference.

These guidelines will kickstart your journey towards improving employee financial wellbeing and engagement.

Individual scores

Payroll accuracy and transparency: /10

Financial literacy and budgeting: /10

Payroll savings and flexible pay: /10

Smart benefits to boost financial wellbeing: /10

Impact on your organisation

Complete financial wellbeing encompasses several factors – and they all have an impact on your organisation. Here’s what you need to know:

Wellbeing and engagement

Many employers are surprised to learn the scale of impact that financial wellbeing has on employee engagement. According to research from Barclays, 38% of employees would move to a company which put financial wellbeing as a priority.

If employees feel their financial concerns are ignored or downplayed, this will feed into their decision whether to stay with your organisation – or to seek employment elsewhere.

Productivity and performance

Worrying about finances has a significant effect on your employees. 54% of people report their productivity at work has suffered because of money worries.

Efforts to improve employee financial wellbeing will have a direct effect on productivity – especially as more than half of your employees may be having problems right now.

Sickness and absence

Financial stress is known to cause problems with sleep for up to 45% of people who experience it. As well as denting productivity, tiredness increases rates of absenteeism. 10% of full-time and part-time employees missed days at work due to financial worries – an average of 4.9 days each.

Improving employee financial wellbeing will have a direct positive effect on employee health and help to reduce absence.

Retention and recruitment

Implementing a financial wellbeing programme is an essential step towards retaining your most valuable talent. In fact, up to 83% of employees would be more likely to stay with an organisation that provided some financial wellbeing help.

Your tailored recommendations

Your efforts towards improving employee financial wellbeing have been relatively limited up till now. It's time to change all that and start building a more engaged, productive, and loyal workforce.

  • 1. Conduct a needs assessment The first step is to understand what your employees want and need and your capacity to deliver against those requirements. An employee survey or questionnaire is a good place to start.
  • 2. Identify key stakeholders Next, you’ll need to identify the stakeholders who will help you define and implement an effective financial wellbeing programme.
  • 3. Secure executive buy-in Get the C-suite onboard to both support and champion your efforts – and to authorise any additional investment. Agree the KPIs that will define how well your programme is performing.
  • 4. Define programme inclusions Decide what your financial wellbeing programme will include. Importantly, you will also need to decide how these benefits are managed and delivered.
  • 5. Assess and refine Employee needs change over time, so your financial wellbeing strategy will have to evolve too. Measure and track KPI results to see what’s working and what can be improved.

You will need to carefully review internal payroll and HR processes to assess whether they can accommodate the necessary changes. And if not, you should begin seeking updates and alternatives as soon as possible.

Don’t forget that technology is your friend. The right payroll platform will automate many of the employee-facing processes, giving them greater control of their finances without burdening your payroll team.

Adding an integrated financial wellbeing platform will then deliver payroll-linked savings, budgeting tools, and flexible pay.

Useful resources to start your journey

Score 11 - 20/40: Financially foundational.

You’ve made some useful steps towards improving employee financial wellbeing – but there’s still plenty of work to be done to stave off the stress and dial up the dedication.

Your organisation seems to appreciate that empowering employees will deliver significant performance and wellbeing benefits. And your steps towards improving transparency and control are showing early promise. However, there are gaps in provisions and capabilities that will prevent you from realising all the benefits of a financially well workforce.

Step up to the next level using these tailored guidelines:

Individual scores

Payroll accuracy and transparency: /10

Financial literacy and budgeting: /10

Payroll savings and flexible pay: /10

Smart benefits to boost financial wellbeing: /10

Impact on your organisation

Complete financial wellbeing encompasses several factors – and they all have an impact on your organisation. Here’s what you need to know:

Wellbeing and engagement

Many employers are surprised to learn the scale of impact that financial wellbeing has on employee engagement. According to research from Barclays, 38% of employees would move to a company which put financial wellbeing as a priority.

If employees feel their financial concerns are ignored or downplayed, this will feed into their decision whether to stay with your organisation – or to seek employment elsewhere.

Productivity and performance

Worrying about finances has a significant effect on your employees. 54% of people report their productivity at work has suffered because of money worries.

Efforts to improve employee financial wellbeing will have a direct effect on productivity – especially as more than half of your employees may be having problems right now.

Sickness and absence

Financial stress is known to cause problems with sleep for up to 45% of people who experience it. As well as denting productivity, tiredness increases rates of absenteeism. 10% of full-time and part-time employees missed days at work due to financial worries – an average of 4.9 days each.

Improving employee financial wellbeing will have a direct positive effect on employee health and help to reduce absence.

Retention and recruitment

Implementing a financial wellbeing programme is an essential step towards retaining your most valuable talent. In fact, up to 83% of employees would be more likely to stay with an organisation that provided some financial wellbeing help.

Recommendations for you

Your efforts towards improving employee financial wellbeing have been relatively limited up till now. It's time to change all that and start building a more engaged, productive, and loyal workforce.

  • 1. Conduct a needs assessment The first step is to understand what your employees want and need and your capacity to deliver against those requirements. An employee survey or questionnaire is a good place to start.
  • 2. Identify key stakeholders Next, you’ll need to identify the stakeholders who will help you define and implement an effective financial wellbeing programme.
  • 3. Secure executive buy-in Get the C-suite onboard to both support and champion your efforts – and to authorise any additional investment. Agree the KPIs that will define how well your programme is performing.
  • 4. Define programme inclusions Decide what your financial wellbeing programme will include. Importantly, you will also need to decide how these benefits are managed and delivered.
  • 5. Assess and refine Employee needs change over time, so your financial wellbeing strategy will have to evolve too. Measure and track KPI results to see what’s working and what can be improved.

You will need to carefully review internal payroll and HR processes to assess whether they can accommodate the necessary changes. And if not, you should begin seeking updates and alternatives as soon as possible.

Don’t forget that technology is your friend. The right payroll platform will automate many of the employee-facing processes, giving them greater control of their finances without burdening your payroll team.

Adding an integrated financial wellbeing platform will then deliver payroll-linked savings, budgeting tools, and flexible pay.

Useful resources for you

Score 21 - 36: Financially fit-ish.

You’ve made significant progress towards delivering an employee financial wellbeing strategy that really works – good job! Your strategy already has many of the core requirements in place. With a little work, your strategy can reach the next level.

You’re well on the way to improving employee wellbeing and allowing your organisation to realise the many benefits of a happier, healthier workforce.

Use the guidelines provided to help plan your next steps and reach the highest levels of employee financial wellbeing, engagement, and productivity.

Individual scores

Payroll accuracy and transparency: /10

Financial literacy and budgeting: /10

Payroll savings and flexible pay: /10

Smart benefits to boost financial wellbeing: /10

Impact on your organisation

Complete financial wellbeing encompasses several factors – and they all have an impact on your organisation. Here’s what you need to know:

Wellbeing and engagement

Many employers are surprised to learn the scale of impact that financial wellbeing has on employee engagement. According to research from Barclays, 38% of employees would move to a company which put financial wellbeing as a priority.

If employees feel their financial concerns are ignored or downplayed, this will feed into their decision whether to stay with your organisation – or to seek employment elsewhere.

Productivity and performance

Worrying about finances has a significant effect on your employees. 54% of people report their productivity at work has suffered because of money worries.

Efforts to improve employee financial wellbeing will have a direct effect on productivity – especially as more than half of your employees may be having problems right now.

Sickness and absence

Financial stress is known to cause problems with sleep for up to 45% of people who experience it. As well as denting productivity, tiredness increases rates of absenteeism. 10% of full-time and part-time employees missed days at work due to financial worries – an average of 4.9 days each.

Improving employee financial wellbeing will have a direct positive effect on employee health and help to reduce absence.

Retention and recruitment

Implementing a financial wellbeing programme is an essential step towards retaining your most valuable talent. In fact, up to 83% of employees would be more likely to stay with an organisation that provided some financial wellbeing help.

Your tailored recommendations

You’ve made considerable advances in its efforts to improve employee financial wellbeing. But there are still a few things to do to maximise your programme and deliver the best for your people and organisation.

  • 1. Refine your KPIs What are you hoping to achieve with your programme? How do you measure progress? Assess and refine your KPIs carefully to ensure the organisation and its employees are getting value from the programme.
  • 2. Automate your processes Investigate how technology can automate common payroll processes. Deploy self-service technologies like AI and chatbots that allow employees to take more control of their finances – and to relieve the burden from your payroll team.
  • 3. Publicise your provisions To gain maximum value from your employee financial wellbeing programme, you must ensure people are using it. Run internal communications campaigns to publicise what is available and the potential benefits for your colleagues.
  • 4. Polish your programme Employee needs change over time, so your financial wellbeing strategy will have to evolve too. Use your KPIs to see what’s working well and what can be improved.

You will need to carefully review internal payroll and HR processes to assess whether they can accommodate the necessary changes. And if not, you should begin seeking updates and alternatives as soon as possible.

Don’t forget that technology is your friend. The right payroll platform will automate many of the employee-facing processes, giving them greater control of their finances without burdening your payroll team.

Adding an integrated financial wellbeing platform will then deliver payroll-linked savings, budgeting tools, and flexible pay.

Useful resources for you

Score 37 - 40/40: Financially flying!.

Congratulations! Your organisation is well ahead of its peers, with a well-established strategy for improving employee financial wellbeing. You are using technology to increase transparency and trust, alongside tools and techniques that empower employees to better manage their finances.

Remember though: employee financial wellbeing is a moving target, requiring a process of continuous improvement. Your HR and payroll teams should continue to regularly seek feedback from employees about their wellbeing, tweaking the strategy to ensure it still meets their needs.

Check your progress against the suggestions outlined in this report, using it to identify potential areas of improvement and refinement.

Individual scores

Payroll accuracy and transparency: /10

Financial literacy and budgeting: /10

Payroll savings and flexible pay: /10

Smart benefits to boost financial wellbeing: /10

Impact on your organisation

Complete financial wellbeing encompasses several factors – and they all have an impact on your organisation. Here’s what you should stay aware of if you’re to retain your position as a Financially Flying organisation.

Retention and recruitment

Up to 83% of employees would be more likely to stay with an organisation that provided some financial wellbeing help. Ensuring employees know about – and use – the benefits available is a powerful tool for engagement and retention.

Staying on top of the latest wellbeing trends and closely monitoring employee needs will further cement your position as an employer who cares about its people.

Productivity and performance

You already know that some of your employees worry about finances. But did you know that 54% of people report their productivity at work has suffered because of money worries?

A long-term commitment to employee financial wellbeing allows you to better support people facing different challenges in life. Helping your colleagues will pay dividends in terms of increased productivity and performance – if you constantly review and refine your strategy.

Sickness and absence

With a mature employee financial wellbeing strategy in place, your organisation should be seeing the benefits in terms of reduced sickness and absenteeism. Mental health and financial wellbeing are closely linked, and both impact absence from work. This is why your less well-prepared peer organisations see around 10% of their workforce taking time off due to financial stress.

Regularly engaging with your colleagues to assess wellbeing – and how your strategy meets their changing needs – will help you to maintain those lower-than-average sickness rates.

Recommendations for you

You’re well ahead of the curve and your employees are reaping the benefits of a rounded financial wellbeing programme. Keep up the good work!

However, it is important to remember that employee needs change over time, so your financial wellbeing strategy will have to evolve too. Use your KPIs to see what is working and what can be improved. And don’t forget that your employees face different ‘generational’ challenges depending on life stages – here's how to tailor for those.

You should continue to investigate new payroll technologies to ensure that your processes are as efficient, accurate and automated as possible.

Useful resources for you

Financial wellbeing illustrated

Boost wellbeing, boost success

Ready to seize the advantage? Contact us to discuss your results and how we can help raise your employee financial wellbeing to the next level.

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