The key to any business’ success lies in its employees. Successful companies have happy employees, which translates into good service and invariably satisfied customers. Programmes focus on the mental and physical wellbeing of employees, but financial well-being is also an important aspect, which is not given the same weight as the other two. While financial stress is not as visible as the other two, it is equally as real.

What is financial health?

A person’s financial health is an indication of their ability to manage their financial responsibilities, current financial status, and future financial goals. They are able to pay their monthly and annual bills, save money for retirement, their children’s education, and pay for their requirements post retirement. They must be able to satisfy all these needs in order to be financially healthy, as well as to be healthy overall. Off late, everybody has become more aware of the unpredictable nature of life and the importance of being prepared for it, especially when it comes to personal finance.

How does financial wellness of employees affect a company?

Employees are more productive when their overall health is good. Just as falling ill affects an employee’s performance, so does financial stress. Common signs include:

• Mental stress
• Physical illness like high blood pressure, heart problems, low immunity, irritability, etc.
• Inability to focus on his work directly impacting productivity.
• Absenteeism
• Tardiness

How can financial wellness help employees?

• With no excessive stress or worries about money, it can boost performance.
• Increases job satisfaction as an employee who is happy without any stress.
• Improved productivity as complete focus is on work.
• Physical and mental wellness is high.
• Lower absenteeism.

How can you as an organisation help your employees?

As assets of a company, employees need to be cared for and respected, and they should feel this care and respect. Moreover, the company has to demonstrate to its employees that their well-being is a priority.

• Introducing a Financial Wellness Program where employees can get their queries resolved by a financial advisor.
• Provide orientation on the personal financial benefits the employee may not be taking advantage of.
• Encourage early retirement planning, budgeting, savings, investing, and eliminating debt
• Create a financial health test which will help them determine whether they are healthy or unhealthy, and assess their financial standing as well as goal fulfillment reality.
• By providing access to financial resources, they will be able to understand the necessity of saving and investing with time.

Financial instability is leaving employees feeling lost and unanswered. Introducing your Employee Financial Wellness Program now can benefit your employees immensely. Seeing that you are committed towards the welfare of your employees improves their morale and increases their productivity. Your employees will be more loyal and engaged if you invest in their welfare. By improving your employees’ financial well-being, you will also be improving their mental and physical well-being.

It is not too late to develop a work culture that is loyal, productive and engaging by focusing on financial wellbeing at the same time as mental and physical wellness. Ask us how.