As employee wellness becomes the rule and not the exception there’s an opportunity to have your program rise above the rest. Expanding wellness programs past just medical health and focusing on other aspects of employees’ lives, such as employee financial wellness, that can affect their health through stress and other factors can create a more holistic wellness picture. Financial education is a component that continues to enhance employee wellness programs across the country. Finances are a common stressor for employees regardless of their age or station and providing financial education and planning to employees can actually make employees healthier.
- SHRM director of Survey Programs, Evren Esen notes that more than 2/3 of HR professionals cite personal finances as a common factor in employee health.
- Financial Finesse Reports notes that employer health costs go down in concert with a financial wellness program due to stress reduction.
- Think about one instance where financial wellness and work productivity intersect: When an employee has a car repair bill. If they are financially fit, there’s no major problem. If not, it could promote unexpected absences from work.
So you’re on board with this financial wellness component to your employee wellness program. Where do you start? According to Liz Donaldson of Financial Finesse thinks that the intersection of employee financial wellness and the employer is the right place to begin. Talk retirement planning and counseling with your employees and use that as a gateway to help your employees with their whole financial portfolio. It can be a fine line between getting too close to employee privacy and private lives and being so helpful that it actually impacts work performance. Find the right balance through employee feedback and give advice that’s helpful but not intrusive. Over time, your organization will strike a balance that benefits your employees and your business.
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What Impact Does Financial Stress Have on Wellness
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