You have probably heard the phrase, “Money is like seawater. The more you drink, the thirstier you become”. In the battle of life, everyone is fighting for money, people and corporations alike. It’s one of the things that provide the most stress and is often the basis of any decision-making process.
Managing employee stress is one of the responsibilities that fall on the management of each organisation. Financial wellness programs are required for workplace wellbeing. We must focus on the financial stress caused among the employees and management of it if we wish to succeed.
If your money is a paintbrush and your financial goals are a finished painting, then financial wellness programs are the easel that supports you in reaching your goals. Financial wellness programs help employers provide workers with the best resources to improve their mental and financial wellbeing. It ensures the employees are given tools to manage their finances and can eliminate any finance-related stress. As a result, employees can show more progress and productivity in their professional and private lives.
Benefits You Can Provide
As obvious as it may sound, financial wellness benefits allow employees to manage their finances. It allows them to gain new skills and knowledge required to handle their finances appropriately. To do this, a company can provide their workers access to financial management workshops, which can aid them in making smart financial decisions. These workshops can touch on aspects aside from just managing their funds. They can also provide insights into finance for the attendees to make informed decisions on investment opportunities.
Employees who don’t have to worry about their finances can focus more on their work and will have a higher peace of mind. Increased employee satisfaction will help the organisation in increasing its productivity. There will also be less employee absenteeism. Because there will be no additional financial stress, employees will have better mental health.
Better mental health isn’t just good for your workplace productivity, but also for your wallet. Having mentally well workers will reduce the company’s healthcare cost in the long run. There will be fewer health-related issues if the work environment is stress-free. The employees will be at peace and there will be a positive impact on their wellbeing.
With the help of a loan repayment program, you will eventually have debt-free employees. Younger employees will learn how to manage their finances and be able to repay their loans. An added bonus of this is now your employees see you as the ones who liberated them from the shackles of debt, increasing the loyalty of your workplace. Finally, you must think about your employees’ retirement plans. Providing them with a pension or a 401(k) will help them feel at ease, knowing their futures have been taken care of. With happier employees, there will be higher employee retention and the business will flourish with loyal employees who are fully satisfied with their work-life.
If you are unaware of the financial wellness of your workplace, you can ask yourself the following questions:
- Are your employees always worried about money?
- What is the retention rate?
- What percentage of your employees are debt-free?
- Is the company ending up paying a lot on the health care issues among employees caused by financial stress?
- Do our employees have long or short-term goals?
Once you know the answer to these questions, you will better understand what kind of financial benefits your employees need. If you hope to have your employees wish to stay with you long-term, you must offer them enough so they do not search for better elsewhere.
With the implementation of financial wellness programs, you allow your employees to have financial security. Employees will also feel valued in your organisation, feeling more like an asset to the team rather than just a cog in the machine. It will have a positive impact on your employees’ health, relieving them of stress and worry. It will show the company cares for them and their wellbeing. You will be providing them with skills, helping them learn and grow. In return, employees will be more motivated and engaging and you can watch before your eyes as your company flourishes.