10 Ways to Support Employee Financial Well-being This Christmas
’Tis the season of giving… and spending! The festive period is often the most expensive time of the year. Team nights out, Secret Santas, gifts, and celebrations are all part of the fun, but they can also put extra pressure on your employees’ finances.
Supporting financial well-being isn’t just about money; it’s about reducing stress, boosting morale, and building trust.
Here are 10 practical ways to help your team this festive season:
1. Our golden rule: Ask Your Staff What They Want
Before rolling out any festive perks, check in with your team. A bonus, a voucher, or extra time off might be far more meaningful than a generic gift. Conduct a quick poll or have informal chats - understanding what really matters ensures your efforts have the most impact.
2. Set Small Limits
For Secret Santas or team gifts, set a budget and encourage creativity. Small, thoughtful gestures can be just as appreciated as expensive items. This keeps things fun without adding unnecessary financial pressure on your employees.
3. Host a Gift Swap
We all have unopened or unwanted gifts tucked away. Host a lunchtime gift swap where employees bring one item and leave with another. It’s a cost-free, sustainable way to give new life to old gifts, and it brings a touch of fun and community to the workplace.
4. Remind Staff About Perks
Many companies offer employee discounts, cashback schemes, or other workplace benefits. A simple reminder email or Teams message can help staff take advantage of these perks when budgets are tight. It’s a small gesture with a big impact.
5. Offer Flexibility
The festive season often brings extra pressures — shopping, family commitments, and end-of-year deadlines. Offering flexible hours, remote working options, or staggered deadlines can help employees manage their time and reduce stress. Flexibility shows that you value their well-being, not just their output.
6. Give Gift Vouchers or Bonuses
If you’re giving gifts this year, consider vouchers or cash bonuses. Letting employees choose what they really want avoids unnecessary waste (and the inevitable extra chocolate or bottle of bubbles). It’s personal, practical, and appreciated.
7. Define Expenses Clearly
Planning team nights out or office celebrations? Be upfront about what the business covers and what isn’t included. Clear communication prevents awkward situations and ensures employees can plan without anxiety about hidden costs.
8. Adjust Pay Dates (if possible)
Some employees may prefer an early Christmas pay boost; others may prefer business as usual. A simple poll can help you align with staff preferences. Small adjustments like this can reduce financial stress and show you’re listening to their needs.
9. Give the Gift of Financial Knowledge
Financial well-being isn’t just about providing money; it’s about giving employees the skills to manage it. Consider workshops or bringing in a money coach to cover budgeting, investing, or taking advantage of seasonal deals. Knowledge empowers employees to make informed decisions, now and in the future.
10. Have an HR Partner
An experienced HR partner (like us!) can help guide decisions, manage expectations, and ensure your policies and perks genuinely support your team. They can act as an extra set of eyes and hands during the busy festive season, helping you stay ahead of challenges.
This Christmas, give your team a gift they’ll truly appreciate — whether that’s time, money, or flexibility. You’ll only know what works when you follow our golden rule: ask your people. Jokes aside, we know money is tighter than ever for both businesses and employees, so even small gestures can have a huge impact.
If you want to explore these ideas further or map out bespoke ways to support your team, reach out to our Streetwise Gurus - we’re here to help.