CIPD study | Half of firms don't have financial wellbeing policies

Data released by the CIPD has found that, despite the greater emphasis placed on the HR function and worker wellbeing throughout the course of the coronavirus pandemic, less than half of all employers have a financial wellbeing policy in place.

The pandemic has been a time of great economic instability both for businesses and workers, making financial wellbeing a prominent area of HR’s remit over the past 12 months.

Despite this, CIPD’s survey of more than 450 employers within the UK found that just 49% said that they offer such a benefit. What’s more, only 12% of companies have introduced or plan to introduce a financial wellbeing policy in direct response to the pandemic, whilst just 24% of employers have explored how the pandemic has impacted their employees’ financial wellbeing to better able to identify the right kind of support.

Financial wellbeing is a prime concern for nearly a third of employers, who say that the pandemic and the economic crisis has prompted them to consider how fair their pay and benefits are.