Improving Your Employees’ Financial Wellness

By January 14, 2021 No Comments

The average American typically admits they have either experienced financial stress in the past, or are currently experiencing it in their current life. Even when the economy is thriving, most Americans lack long-term financial fortitude. With cost of living skyrocketing and the average amount of debt of the rise, stressors triggered by financial issues have increased tremendously. Why should you, as an employer, care about this stress? Financial stress takes away from your employees’ morale, happiness, and focus on work. Sure — you can shrug it off and call it a “personal problem” or you can harness the true talent of your employees and invest in developing their financial wellness to help them thrive at work.

Financial Flexibility-Based Programs

The first step in establishing financial wellness for your employees is to help them avoid living paycheck to paycheck. Offering insurances and wellness programs such as: Disability, Accident, Hospital Indemnity and Critical Illness insurance will soften the financial burden that serious injury, illness, or hospitalization might cause, which ultimately will reduce financial stress by providing coverage for the out-of-pocket expenses that health insurance does not cover. These types of voluntary programs allow employees to opt into the programs that work best for them and learn to become more fiscally responsible and financially autonomous.

Stay Competitive In The Job Market

A work environment that provides a sense of purpose to employees and having an employer that invests in their people are two essentials in the current job market. To give your company a competitive edge, it is necessary to find a way for your company to stand out and ensure that you are committed to employee wellness. Not only can the stress of unstable financial circumstances lead to staff who struggle at work, but long-term stress can also cause long-term health issues that can result in high impact and long-term healthcare and costs. You are more likely to acquire and retain key talent if you give them tools to address their own financial challenges.

When a company dedicates itself to employee well-being and wellness, it speaks volumes to potential applicants. By investing in financial wellness for all and not just for your bottom line, you create a world where your staff can show up as their full selves — without the stress of finances or lack of purpose at work. Additionally, you give them the autonomy to create bright, viable and stable futures for themselves. It is time to teach your team how their money can work for them and reduce the toll that financial stress has on their bandwidth at work and this will inevitably benefit your company.

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