Being financially literate is vital in these times. Financial wellness is the health of the relationship you have with money and is a prime concern for most people. Financial acumen will help employees keep track of how secure their money is, be ready for a rainy day and plan for the future. Given the uncertainty of these unprecedented times, this is now a necessary life skill.
Why should financial wellness be a priority for your organization?
As a key stakeholder in your employee’s wellbeing, you must encourage your employees to consider questions like, are you financially prepared for emergencies? Do you have active plans to reach your long-term and short-term financial goals? Do you have a budget? Do you stick to it? Does the thought of it make you ill or does it make you come alive?
Financially sound employees are more productive employees. Financial wellness helps in sorting any individual’s future. It’s a term that most individuals and companies ignore, but it simply means being economically healthy and taking care of any kind of emergency. Being financially strong or stable does not require enormous skill or luck. One must just learn how to invest and save smartly.
Advantages of implementing financial wellness programs:
There are multiple benefits to having financial wellness programs for your organization. They provide education and support to your employees for their financial concerns. Here are some of the benefits you can see with financial wellness programs:
- Employees feel financially well – Being on top of their finances for the future or retirement helps employees manage their regular expenses with ease. Employees lead a healthier and happier work life when financially stable.
- Employee satisfaction – Strategies like workshops on financial wellness, dedicated wellness partnerships for employees and use of financial wellness tools can increase employee satisfaction and help improve your employer brand.
- Employers feel the effect too – Employers can help individuals manage their finances which can lead to a better working relationship.
- Increase in employee engagement and retention – According to Society of Human Resource Management, around 34% of absenteeism results from financial stress. Reducing financial stressors on your employees can bolster your employee engagement and keep them in your organization for longer.
- Strong employee recruitment – In the era of competition and a job-hopping culture, providing these essential wellness programs can help your organization in attracting the best employees. This makes the key groups such as millennials feel valued in the organization.
All in all, financial wellness is one of the important pillars of employee wellbeing. Wellbeing on the Web (WoW) offers a helping hand in making employees financially healthy. Sign up and learn more. Structuring out these programs can be time-consuming but are useful for any organization. Practicing these programs will improve your employee wellness, work culture and organisational productivity. Have a glimpse here or reach out to us here.
