These days, being financially sound can be a trial, especially for those with children or other families to care for. But that doesn’t mean that you can’t comfortably prepare for retirement while also taking care of your daily financial needs and obligations. However, some often find it beneficial to work with a professional financial wellness expert to ensure that they’re well off and on their way toward meeting their goals for retirement.
That’s why these days many companies offer financial wellness benefits in addition to traditional benefits like pensions and healthcare. Let’s take a look at some of the ways implementing a workplace financial wellness program can benefit your organization.
1. Increased Employee Morale
An employee that’s financially stable has much less to worry about; they’re less stressed and can focus on their job. That’s why financial wellness programs in the workplace can easily improve employee satisfaction. Your staff will have the savings they need to go on holidays and plan for retirement.
2. Improved Employee Retention
Having a high employee turnover rate isn’t only costly for your company, it can really drag down morale. But as mentioned above, your employees will be much more pleased with someone to turn to for financial advice, thus helping you keep your staff more long term and truly build a great team.
3. Better Talent
Offering financial wellness programs as a part of your employee benefits package will attract much better talent to your organization. It’s no secret that these days, millennials and other young professionals are interested in companies that offer the most attractive benefits and chances for them to start saving ASAP. So adding a wealth management and employee financial wellness aspect to your benefits will ultimately provide you with better candidates when expanding your team.
4. Less Absenteeism
A few of the things that come along with financial instability include stress, anxiety, depression, and a host of other things that can cause not only mental but physical health problems. That’s why it’s important to provide employees with the financial wellness advice and insight they need. It will keep them healthier, happier, and in the office more often than not.
5. Increased Financial Employee Benefits
With the right wellness plan, you can offer some great benefits to your employees they wouldn’t be able to have access to otherwise, such as assistance for paying off student loan debts, and more flexible paydays if you offer them. Additionally, they’ll be privy to their own personalized financial advice programs that will give them more in-depth insight into their spending habits, and how to make the most use out of their paycheck.
Before You Go…
Before you go, we wanted to remind you that not only does offering financial wellness benefits to employees make them happier and healthier, it will also make them proud to work for your company. Showing them you care will help improve your company’s overall perception and, in turn, build trust in your brand and boost your reputation.
Demonstrating that your organization not only cares about dollars and cents, but also the people who’ve helped it become strong and successful illustrates that you have a great corporate culture, one that will endure for many years to come.