Corporate wellness is certainly a trending buzzword in today’s health-focused landscape. Healthier employees are generally happier and more productive in their day-to-day lives. However, holistic wellness extends beyond just the pure physical.
Looking Beyond the Surface
Stress is often cited as one of the main detriments to health and happiness, and a major stressor among employees is the state of their finances. Not only does this result in low morale, it also becomes an unsettling distraction, which can lead to increased absenteeism.
As the wage gap deepens and income classes become more stratified, it’s not surprising that more and more workers are feeling the pinch. The rise in the cost of living means that low-to-middle income earners must find ways to do more with less. Combined with the demands of their day job, such financial stress can become the straw that broke the camel’s back.
What Can Employers Do?
It might be surprising to learn that the workplace is actually an ideal place to build financial wellness. A single programme has the potential to reach a large pool of individuals. Employee density also means that important messages can be communicated more efficiently and accurately. Whether it’s a simple presentation on the importance of investment, or the implementation of an employee benefit scheme, any means of improving financial outlook can pay sizeable dividends in terms of the quality of life and can significantly boost talent retention.
While providing the right tools is important, building a culture that supports financial independence is more beneficial for long-lasting change. Successful engagement means setting the stage for certain habits, such as financial awareness and budgeting, to take root. Programmes that adopt a more holistic approach to improving this aspect of employee wellbeing will not only help staff become more financially astute, but will also benefit the business on the long-term. A financially secure employee is less likely to start looking elsewhere for employment.
Promoting Financial Wellness
Here are some ways businesses can get their staff to start thinking about their financial health:
- Employee benefits. Offering benefits such as income protection, life insurance, pension and medical insurance means less things for employees to worry about and a greater sense of financial security.
- Education. Engaging financial experts as consultants, be it via a workshop or a one-on-one basis, is a great way to keep your staff informed.
- Saving schemes. Companies can collaborate with banks to offer specialised workplace saving programmes.
Additionally, the power of technology can and should be harnessed to optimise an organisation’s efforts to improve financial security in the workplace. Combining personal and employer data can help paint a more complete financial picture. Certain specialists offer programmes that utilise algorithms to analyse and compile the financial circumstances of employees and their individual needs.
Better Prospects for Everyone
Healthier employees, be it physical or financial, equates to healthier margins. Major life events like marriage, the birth of a child, or buying a house can come as a financial shock. Organisations that actively support their employees through these events give themselves a sizeable advantage when it comes to attracting and retaining talent, and in doing so will enhance their bottom line.
To find out more about WellteQ’s financial wellness initiatives, get in touch with us today.