Financial wellness programs have moved significantly beyond just contributing to the retirement accounts of the employees to offering a well-rounded employee benefits package. They help in not only attracting and retaining quality talent but also support them to achieve their personal goals. Some of the top reasons why companies need to implement a comprehensive financial wellness program for employees:
Helps to Boost Employee Productivity
Usually, the most compelling reason for a company to offer a well-rounded financial wellness package is to enhance productivity that can help the company to achieve its objectives faster and more profitably. Typically, the financial wellness program includes not only the conventional retirement account options but also counseling on creating and sticking to budgets, reduction of debt, support for student loan repayment, preparation for ownership of a home, etc. These allow employees to reduce and overcome their financial hardships. It is well established that a well-thought-out financial wellness program can significantly reduce the impact of disruptions on the employees’ time and concentration from anxieties over debt management, missed payments, collection calls, and poor credit scores.
Reduce Employees Stress and Boosts Overall Health
Poorly managed finances are one of the primary reasons for stress for a majority of Americans, typically rising even above concerns about family, health, and work. Not only do employees suffering from situational stress feel increased fatigue but also they tend to lose their focus, show more signs of irritability, suffer from headaches, and show more susceptibility to several serious ailments. All of these can take a heavy toll on the employees’ health and affect their ability to attend to work or be productive. Further, these anxieties tend to promote the adoption of unhealthy coping mechanisms like excessive smoking, drinking, eating, and even drug abuse. Well-structured financial wellness programs can go a long way to minimize or even eliminate the impact of financial stress on employees.
Enhanced Employee Satisfaction
When employees are empowered to achieve their personal financial goals with the help of a financial wellness program, they are inclined to be more personally and professionally fulfilled. An employee who can work methodically to achieve his financial goals like creating an emergency fund, paying off student or personal debt, contributing to a retirement plan, preparing for a family vacation, etc. is likely to demonstrate an enhanced work engagement leading to superior productivity and innovative thinking.
Superior Employee Retention
By structuring a financial wellness program, companies help their employees to build more secure and stable financial lives. When an employee is not obsessed with finding a more remunerative job, he is more likely to keep working with the same company, which helps the company to avoid the disruptions and expenses of continually having to hire and train new employees. According to Forbes.com, financial wellness is now a key factor for employees to attract, retain, and engage employees.
With a higher all-round level of workplace satisfaction made possible by a comprehensive financial wellness program, employers tend to gain significantly by the reduction of absenteeism, improvement of morale, and loyalty as well as productivity. Employees benefit by being able to realize their financial goals without getting stressed out and enjoy a better quality of life. You can always apply Gary Saitowitz Grant program to gain a finical relief.