In the fierce competition for top talent, employee financial wellbeing programmes have emerged as a key resource for companies. 

Those days are gone; you know, the kind where swanky offices, foosball tables, and free lunches were enough to lure and keep the best and brightest. Today's competition for talent is all about employee satisfaction and security.

In this article, we'll explore how forward-thinking companies use financial wellbeing programmes to attract and retain top talent. We'll autopsy the psychology behind these programmes, examine their impact on company culture, and provide actionable strategies for implementation.

Job Satisfaction—It’s Not Just About the Paycheck!

Here's a truth that might surprise you: The paycheck isn't the primary driver of job satisfaction or retention—it’s security, value, and support in all aspects of employees’ lives; including their financial lives.

Remember that financial stress isn't just a personal issue—it's a performance issue. Employees with money worries are less focused, less creative, and more likely to make mistakes. 

And that’s precisely why you have financial wellbeing programmes. They create a sense of psychological safety, crucial for high performance and innovation. Such programmes scream: "We care about you as a whole person, not just as a worker."

As Google's Project Aristotle famously discovered, psychological safety is the number one predictor of team success. Financial wellbeing programmes contribute to this safety by removing a significant source of stress and anxiety.

What Do Top Performers Want?

Not just a job—they're looking for a home. A place where they can grow, contribute, and feel secure. Financial wellbeing programmes are becoming a key differentiator in this equation.

1. They signal a company's commitment to long-term employee success

2. They demonstrate a progressive, holistic approach to employee care

3. They appeal to millennials and Gen Z who value financial education and support

As Daniel Pink, author of "Drive: The Surprising Truth About What Motivates Us," puts it: "The best use of money as a motivator is to pay people enough to take the issue of money off the table." 

Financial wellbeing programmes do exactly that; they take money worries off the table so that employees can feel free to do their best.

Create "Sticky" Workplaces to Retain

Employee turnover is costly—both financially and culturally. A report estimated that the cost of replacing an employee is 1.5 to 2 times the annual salary. 

Financial wellbeing programmes are proving to be a powerful retention tool.

1. They create a sense of investment in the employee's future

2. They provide tangible benefits that are hard to walk away from

3. They foster a sense of loyalty and reciprocity

Moreover, the impact of employee financial wellbeing programmes extends far beyond individual employees. They shape team dynamics, influence company-wide innovation, and even affect a company's reputation in the job market.

1. Teams with less financial stress are more cohesive and collaborative

2. Employees, free from financial worries, are more likely to take creative risks

3. Companies with comprehensive benefits and financial wellbeing programmes become talent magnets

How to Implement an Employee Financial Wellbeing programme for Impact

A financial wellbeing programme is about thoughtful implementation and ongoing support. Here's how to do it right:

1. Understand your employees' needs through surveys and focus groups

2. Partner with a wellbeing provider like Maji for personalised programmes

3. Provide a mix of education, tools, and personalised advice

4. Ensure confidentiality and create a stigma-free setting to discuss financial concerns

5. Measure metrics like programme engagement, employee satisfaction, and retention rates

Avoid one-size-fits-all solutions. Also, engage in progressive communications about the programme. Remember, the goal is to create a culture of financial wellbeing, not just offer a standalone benefit.

The Future of Work: Financial Wellbeing—the New Normal

As we look to the future, financial wellbeing programmes are set to become as standard as health insurance or retirement plans.

As we've seen, these programmes:

1. Attract top talent by signaling a commitment to employee wellbeing

2. Retain valuable team members by creating "sticky" workplaces

3. Improve productivity by reducing financial stress

4. Promote innovation by creating psychologically safe environments

5. Build a reputation as an employer of choice

As Simon Sinek once said, "Customers will never love a company until the employees love it first." Employee Financial wellbeing programmes are a powerful way to show your employees that love.

Are you ready to be one of those companies?

If so, wellbeing partners like Maji offer comprehensive and personalised employee financial wellbeing solutions for your company's unique needs. 

Remember: by investing in your employees' financial wellbeing, you're not just helping them—you're investing in your company's future.