There are numerous ways of showing your workers that your company cares about their wellbeing, but we wouldn’t ordinarily think about making a Will as one of them. Encouraging regular exercise and eating well to keep employees healthy and persuading them to take enough time away from their desks are some of the more common considerations.
But there can be real benefits to spurring your teams on to create their own Wills.
Advantages of having a Will
The advantages of having a Will in place are clear for the individual concerned. They range from peace mind knowing that your assets will be divided up how you choose when you die to potentially leaving less inheritance tax for your loved ones to deal with.
If you die without a Will in place, you will have no say in what happens to your estate. This can leave you feeling anxious and worried as you get older. Known as dying intestate, not having a Will means the government will dictate what happens to your assets – from your finances to your personal belongings.
But is it less obvious where the benefit of your workers having Wills lies for your business?
How it benefits your business
According to a study by the American Psychological Association, feeling valued at work is linked to performance. This means that the more valued your staff members feel, the more productive they’ll be. And encouraging them to make a Will can help them feel valued.
In encouraging your workers to consider making a Will, you’ll be expressing your concern for their families and loved ones. This will help them realise that you’re more than just an employer – and that you care about their wellbeing and that of their families.
Providing financial benefits at work – from health insurance to seasonal or sign-on bonuses – shows employees that you want to help their salaries stretch as far as possible. In an economy that has dealt – and is likely going to continue dealing – with a significant amount of turbulence as a result of political upheaval, people want to feel more secure in their finances.
Helping employees make their Wills
Keeping your teams happy at work could come down to helping them make good financial choices – and aiding them in making a Will could be part of this process.
If you really want to make them feel valued, you could help your employees arrange their Wills. Offering to contribute to the cost of setting up a legally binding Will – one a solicitor has seen – will go a long way towards convincing them that they mean a lot to your business.
You could also organise a specialist clinic with experts to advise on what should be included in your staff members’ Wills. Give your employees enough time to chat through their concerns and queries. With so many aspects of their lives to consider when it comes to Will writing – from their wishes for their funeral, to guardianship of their children, to who they want to appoint as executor – giving them enough time is essential.
We know that businesses up and down the country offer life insurance to their employees as a standard benefit. This serves to make life easier for the worker’s loved ones if the worst were to happen. It may now be time to start thinking of Will writing along the same lines.