Why have we seen an uptick in financial wellness programs so far in 2019? Check out the benefits of offering this employee perk.
When it comes to financial wellness programs, employers can see just as many benefits from these programs as employees do. According to several studies, stress causes employers a whopping 300 billion dollars annually. Where is this stress stemming from? Finances are the number one cause of stress in the US, causing the percentage of employees who are stressed about finances to hover right around 57 percent.
How does financial wellness directly affect employers?
When an employee is under financial stress, it can manifest in a number of ways. Focus wanes, health can take a plunge, causing absenteeism and lost productivity, and there is also an increased risk for dishonest conduct in employees who have reached a level of desperation.
Financial wellness in employees leads to an increase in overall wellness, allowing them the mental space to do their best work. Financial wellness also helps employees avoid discouragement or feeling like they are in a “dead end” job. Employees who are less stressed also have a brighter outlook on the future and are more likely to strive for growth within a company.
What can employers do to encourage participation in financial wellness programs?
There are a variety of financial software programs available, which educate employees and provide interactive tools for budgeting, creating savings and investment plans, and even creating a visual projection of their financial future.
Sometimes even adults need a little “what’s in it for me” to encourage them to do things– even programs that are beneficial for them in the long run. Offering more short term gratification in the way of incentives can help provide that nudge they need. Consider offering small gift cards, drawings for a weekend getaway, paid gym membership plans, or even a paid day off, as ways to encourage employees in their financial wellness journey.
Who doesn’t like a little bit of fun? Especially when it’s peppered into otherwise monotonous days. Create a buzz in your workplace with fun games or contests. Food is always a fun way to encourage people to come to meetings. Get creative, maybe have a potluck for financial wellness participants each week and try foods from around the globe.
Whatever you do to encourage financial wellness in your employees, remember that the benefits spill over into your company. Stressed employees statistically lose about an hour of productivity per day by distractions from trying to solve financial woes. Not only will your company benefit from assisting employees in their financial wellness journey, but you will also feel good knowing that you have made a difference.