As wellness trends, its meaning has expanded to include financial wellness as well. You are financially well, if your finances are healthy and you have no financial stress. Your financial wellness affects your mental and physical health as well.

Did you know that you should also be concerned about the financial wellness of your employees?

Financial difficulties often lead to stress

Financial difficulties cause one to constantly worry about how to remedy the situation. This can lead to stress and associated health problems. Stress affects people differently. Some indulge in unsavoury habits, such as drinking and binge eating. Some neglect their health altogether. Just to save money, they avoid visiting a doctor even when it is required. Would you like your employees to go through this?

Stress lowers productivity

Employees who are under financial stress are bound to carry it to work. Their productivity takes a hit as they are unable to concentrate. Or their financial constraints may force them to stay away from work frequently. Both situations can adversely affect you, as their employer.

Invest in employee engagement

Investing in employees’ financial wellness yields a workforce that is happier, more productive and more engaged. As an employer, you would be investing in the overall wellbeing of your primary asset–your team.

How you can help

Many employees, especially those who have just joined after graduating, expect some financial support from the employer. Usually, this help comes in the form of short-term loans, provident funds, health insurance, lease facilities, etc. An effective and productive way to help is to offer your employees the services of a financial advisor as well. A certified, experienced advisor can help an employee stay financially healthy by providing expert advice on all aspects of personal finance. This can be a win-win situation for the employee and for the employer.

• Promote financial literacy by hosting financial wellness programmes in alliance with credible financial advisors. Think of it as an awareness camp for better physical health.
• Provide financial wellness consulting services, engaging a financial advisor to advise and support employees. The best financial advisor motivates, understands, and helps shape money habits, assists in personal financial planning, retirement planning, wealth creation and in turn, the whole financial journey.

After home, the workplace is where your employees spend most of their time. Make it a place that promotes overall wellness, especially financial wellness. As they say, the happier the employee, the happier the customer, and the happier the company.