Managing finances is a common struggle for many people and is a significant cause of stress that impacts their overall well-being. The pressure from financial woes can bleed from people’s personal lives into their professional lives, creating lower productivity and efficiency. Over the last few years, companies have begun to add financial wellness benefits to help employees struggling with their finances. By providing education and support, employers can help employees feel more secure and are more likely to retain and attract top talent.
Why is Employee Financial Health Important?
Financial stress can be critical to a person’s success in their work. The result can cause stress and emotional impacts on an employee’s ability to focus. Also, the pressure of poor decisions and debt in an individual’s personal life can decrease an employee’s overall performance. They continue to think about finances throughout their day, and this even causes an increase in absenteeism.
Because of the negative impacts of poor financial health, employers are taking action to help their employees deal with stress. Companies are increasing access to resources and financial literacy education by providing economic wellness benefits. When employers offer financial health, they effectively reduce stress and worries leading to better performance and employees feeling more comfortable about their financial security.
What are the Benefits of Providing Financial Wellness?
Financial stress has become an increasingly problematic issue and is critical to employees’ overall health, happiness, and wellness. When employees are worried about finances, the impacts spill over into the workplace, creating high costs for employers. Additionally, consequences include slower turnarounds, missing deadlines, and increased errors. These are issues that can cost a business a lot of money and loyalty.
By creating a comprehensive wellness program that includes coaching, seminars on retirement planning, and information on getting out of debt, you can make a customized solution for every employee, no matter where they are in their financial journey. Benefits of a financial wellness program include:
- Improved retention- Employees less concerned with finances are more likely to be satisfied at work and less likely to leave the company.
- Lower Stress – By giving them the resources they need to get their finances in order, employees are less stressed and allowing them to feel more in control.
- Increased Retirement Security – Financially secure Employees can fund their retirement easily. which removes the stress and worries about the financial future.
- Attract Top Talent - Financial wellness programs can attract top talent as an attractive benefit. This will make a company stand out among the competition.
Finance wellness programs can boost employee morale and lead to an increase in employee productivity and performance. Employees who feel supported and financially secure will stay longer and help businesses grow. A wellness program can meet your employees’ needs and help them achieve their goals. The financial health of their workforce will be healthier and happier, making the company more satisfied as a result.
This ensures you deliver a quality benefits plan that saves money and makes employees happy. Meanwhile, keeping you in compliance with State and Federal regulations. Outsourcing benefits administration with Kona HR can provide peace of mind and a better benefits experience for employers and employees.
Learn more about our Compensation programs here: https://www.konahr.com/compensation/