Taking financial health in the workplace seriously

Taking financial health in the workplace seriously

by Evigan Xiao 22 Jan 2020

Corporate wellness is certainly a trending buzzword in today’s health-focused landscape. Healthier employees are more often than not happier and more productive in their day-to-day lives. However, holistic wellness extends beyond just the pure physical. 

 

Stress is often cited as the main detriment to the pursuit of health and happiness. Within the context of the workplace, one of the most common stressors among employees is the state of their finances. Not only does this result in low morale (no one likes the idea of being destitute), it also becomes an unsettling distraction which can lead to a rise in absenteeism.

 

What can employers do?

 

While providing the tools to effect change is always appreciated, the presence of a culture that supports financial independence is more beneficial for long-lasting change. Successful engagement means setting the stage for certain habits, such as financial awareness and thriftiness to take root. Programmes that adopt a more holistic approach to improving this aspect of employee wellbeing will not only help staff become more financially astute but will also benefit the business on the long-term.

 

Here are some ways employers can get their staff to start thinking about their financial health:

 

  • Employee benefits – Offering benefits such as income protection, life insurance, pension and medical insurance means less things for employees to worry about and a greater sense of financial security.
  • Education – Engaging financial experts as consultants, be it via a workshop or a one-on-one basis, is a great way to provide your staff with information that is current and “on the ground”.
  • Saving schemes – Companies can collaborate with banks to offer specialised workplace saving programmes.

 

Additionally, the power of technology can and should be harnessed to optimise an organisation’s efforts to improve financial security in the workplace. Combining personal and employer data can help paint a more complete financial picture. Certain specialists offer programmes which utilise algorithms to analyse and compile the financial circumstances of employees and their individual needs.

 

Better prospects for everyone

 

Healthier employees, be it physically or financially, can only lead to better prospects for the business. Milestones in life such as marriage, the birth of a first child, or a new house can create come as quite the financial shock which can easily destabilise the status quo. The importance of financial independence in today’s economy cannot be overstated enough, and it is never too late to start laying the groundwork.