It’s hardly a secret that many employees are unsuccessfully managing to juggle their finances. Easier access to credit and years spent living in a “want” society has meant that more than half of the population is stressed in some way about their earnings. This stress and anxiety has been shown to cause employees to take time away from work and can be very unsettling in all aspects of their daily lives.
Why is it important for employers to worry about employee financial wellness?
It’s easy to imagine that the financial health of your employees is their responsibility alone, especially when you have so many other things to be worrying about. Well, in fact, this couldn’t be further from the truth. Here are just a few reasons why employee financial wellness should be firmly on your agenda.
1. It leads to lost productivity
From a purely commercial standpoint, it makes no sense to have your employees worrying about finances. It leaves them less focused on their job and is responsible for countless days lost through them being so anxious they simply need to call in sick.
2. It’s dangerous
A Health Advocate study found that between 60% and 80% of all workplace accidents happen because an employee is stressed. Relieving this stress can only improve this figure and avoid employee injuries and medical claims.
3. Improving employee loyalty
Putting in the small amount of effort required to worry about their financial wellness will go a long way. By truly caring about their life outside of work, you can build a much stronger bond with your employee. Thus boosting retention and commitment to performing their role well.
How can you get started?
There are a number ways to get started boosting employee financial wellness. This includes one-on-one conversations and mentoring, providing online courses, and bringing in outside help such as coaches and seminars. Here at Better With Money, we offer a number of different workshops designed specifically to help employees better manage their finances and lead healthier, much more stress-free lifestyles. Our workshops are designed to be flexible in nature and to fit the needs of your company. Why not check out the range of courses we have on offer, and then contact our team to find out more and discuss bringing one to your workplace.