Employers have heard a lot about financial wellness. However, employers don’t always recognize the connection between financial wellness and improved retirement savings behavior as well as a more productive workforce overall.
All employees, no matter what generation they belong to, want to work in a friendly environment where they don’t have to stress about their job. In particular, when it comes to finances. People tend to change jobs more often for one simple reason – money. As a result, companies experience a higher turnover rate and need to take extra efforts to provide their employees with stable and well-paid jobs. Because a happy employee is a productive employee.
A financial wellness program can improve employee productivity, increase employee satisfaction, reduce absenteeism, and even help cut down on stress-related health care claims. Comprehensive financial wellness programs reduce the disruptions in the employee’s day from concerns over debt, collection calls, missed payments, and poor credit scores. Surveys regularly show that finances are the leading cause of stress for Americans, above family obligations, health, and even work. An employee who is financially prepared for expected and unexpected eventualities will exhibit greater engagement at work with less to worry about in their finances.
Financial wellness programs help employers realize the value of a workforce that is prepared for a successful and secure retirement. With a focus on employee engagement, the best of these platforms offer financial well-being resources that provide a foundation for goal setting, as well as educational material to enhance understanding of retirement planning strategies. With the best financial wellness tools, all employees – regardless of compensation or savings level – should also have access to financial planning support to assist them in achieving their retirement goals.
When employees feel appreciated and motivated, that will translate into higher productivity and better results. Perhaps today is the day to start an internal discussion about how a financial wellness program might support a healthy, focused workforce and the role it can play in affecting your organization’s bottom line. If you would like to better understand the different types of financial wellness programs available and how we can assist, don’t hesitate to reach out to us!
