In Anglo-Saxon countries, the issue of employee financial wellbeing has become very prominent in HR departments in recent years. According to a Bank of America study from September 2019, 53% of American companies offered a financial well-being program at the time, compared with 24% in 2015.

In France, it has to be said that we re not there yet. We talk a lot about well-being at work, but we often forget to look at the financial aspects, except to talk about salary and a few benefits. And yet, when you consider the meteoric rise of this issue across the Atlantic, it s clear that this is a major challenge for HR departments! And for good reason, if we look a little deeper into the issue, the figures are edifying: according to a Mercer study dating from 2019, 69% of French working people are stressed by their financial situation. And for 49% of those surveyed, they spend between 1 and 8 hours a month at work worrying about their financial problems... Enough to send key HR indicators into a panic! Stress, sleep deprivation: the impact on employee productivity is real and can no longer be ignored by companies. And in the context of the current major economic crisis, they are going to have to take charge and address fundamental issues. And the financial issue is definitely going to be at the heart of households concerns.

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The French and money: the great taboo

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Why are French companies lagging behind when it comes to taking an interest in the financial well-being of their employees? The main reason is probably to be found in mentalities. In France, the question of money is very much in the realm of the intimate, the personal.

So the fact that the company "meddles" in this extra-professional subject may put some people off. In fact, when faced with financial problems, only 17% of employees turn to their company, compared to 78% to their family and 72% to their bank. And yet, they recognize that most of them would benefit from facilitating solutions from their employer: for 43% of them, they would like to be able to take advantage of negotiated services or loans, while 27% seek the help of an advisor. Taking individual needs into account But to adapt to this demand and best meet employees need for financial support, human resources departments need to take into account an essential prerequisite. To be viable, a financial wellness program must be flexible. Indeed, within the company, it must be able to reach several generations: baby boomers, Generation X, Y, Z, Millennials... Each age has its own needs: while seniors are preparing for retirement, Generation Z are looking to buy, while Millennials are saving to get off to a good start in life. Projects also vary, which means that the solutions proposed must be flexible, even "à la carte". A financial wellness program around 4 key points:

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1. Inform

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As we have seen, employees would appreciate financial advice from their employer. Knowing how to manage a budget is indeed a question of skills, but it s also a question of knowledge. A financial wellness program therefore revolves around financial education sessions for employees. Budget management, financial tips (tax reductions, loan applications, debt repayment, etc.) and existing company savings schemes are all essential topics for group training workshops. The company can also provide employees with the services of a specialized coach, to meet specific, individual information needs.

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2. Responding to the unexpected and emergencies

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Financial well-being also means giving employees the means to respond to unforeseen events and emergency financial requests. For example, at Stairwage, we enable employees to release part of the sum corresponding to their hours already worked with a single click. This means less stress for employees, who know they ll be able to absorb an unbudgeted bill without borrowing or paying agios. For companies, it also means being able to adapt to employees lifestyles throughout the year. For example, by offering a vacation bonus in the run-up to summer, or gift cards just before Christmas... Note, for example, Norauto s initiative in 2019 to set up a self-help association for employees in temporary financial difficulty. Each employee can, on a voluntary basis, pay 70 cents into a fund intended to absorb life s glitches. Difficulties in paying a deposit, rent debts, costly medical treatment... It enables the emergency release of an unbudgeted sum for an unforeseen event.

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3. Meeting long-term needs

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Also, and this is a much more widespread use in companies today, the employer can be a player in solutions to help employees with long-term life projects. Savings, retirement, housing loans, employee shareholding, etc. are all financial advantages that set HR policy apart. And powerful tools for employee commitment and loyalty. Because financial peace of mind also means being able to put money aside to think about projects and bring them to fruition.

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4. Offer the right technical support

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Finally, a solid financial wellness program also means offering employees the right technical tools. For example, at Stairwage, we directly address the "taboo" issue of advance pay by offering employees the ability to collect the sum in one click, via our app. This eliminates the need to submit requests to HR departments, which can be seen as an invasion of privacy. We also offer practical online advice and tips to help employees manage their budgets more effectively. In these times of crisis, financial well-being will be a key factor in employee commitment and productivity. In view of the large number of redundancy plans on the horizon, individual and family tragedies are likely to be numerous, and will have a major impact on French morale. In this context, the company can play a real role in restoring financial serenity to its employees. And it s not just a question of humanism. For the company, it s also a question of competitiveness. Because financial stress has a strong negative impact on employee productivity, absenteeism, staff turnover... For employers, therefore, employee financial well-being is a concrete lever for action to get back on the road to growth and performance.