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Financial wellbeing and high-performance employee experience

Retirement|Employee Engagement
COVID 19 Coronavirus

By Emma Longmore | October 22, 2020

Willis Towers Watson research demonstrates a strong link between organisations with superior financial performance and high-performance employee experience1.

In the context of financial wellbeing, high performing companies engage their employees in a two-way ongoing conversation. They provide tools so employees can track and model their finances based on inputs from HR systems. The content is personalised for the individual and messages are tailored so they are relevant. These companies ensure tools equip employees to make informed decisions that drive positive outcomes for their financial wellbeing and overall employee experience. These companies are providing a High Performing Employee Experience (HPEX)2.

HPEX companies truly excel and the top-row topics in Figure 01 reflect the mindset employees walk in with every day (being fully inspired, working for a special place that wins in its markets, achieving full potential and fully trusting leaders).

What HPEX sounds like through financial wellbeing communication across the four pillars.

The first pillar, Purpose. For Inspiration, “I am engaged in ways that inspire behavior change”. For Inclusion, “I feel our financial wellbeing program is aligned with my needs and personal situation”. For Understanding, “I know the resources available to me and how to participate”.

The second pillar, Work. For Drive, “I am able to focus on doing my best work”. For Voice, ““I can provide input on our financial wellbeing program”. For Organisation, “I know where to find the information and resources I need”.

The third pillar, Reward. For Growth, “I can see a future that will allow me to fulfil my ambition and potential”. For Capability, “I know enough about my options to make smart decisions”. For Fair Pay, “I believe my financial wellbeing program is competitive and fair”.

The fourth and final pillar, People. For Trust, “The company I work for has genuine concern for our financial wellbeing”. For Collaboration, “As colleagues, we engage with each other and share experiences”. For Support, “I know where to go with my questions and to solve problems”.

HPEX companies create a program that is aligned to their organisation’s overall wellbeing and rewards program, that’s fully integrated with company strategy, brand and value proposition. They ensure their leaders and managers visibly support financial wellbeing.

Companies can take a modular approach as they may provide the essentials of a financial wellbeing program in some areas while creating emphasis and excelling in others.

HPEX companies have healthier, more engaged and more productive employees. Wherever your employees are on their financial wellbeing journey Willis Towers Watson will partner with you to understand their requirements and the opportunities available to support your employees’ financial wellbeing and assist you in implementing an effective program as part of your broader wellbeing strategy.

Footnotes

1 Breakthrough research: Identifying the factors that make a high-performance employee experience (HPEX)

2 From our database of over 500 companies and nearly 10 million employees, only about 30 companies make it into an elite group who have significantly outperformed their sectors on financial measures over at least a 3-year period and possess above average employee experience (as measured on Ex surveys).

Author

Head of Communication, Australia

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