It’s no secret that these days, staying on a firm financial footing is often easier said than done: there are bills to pay, the mortgage to take care of, not to mention planning for retirement. It can often seem a little overwhelming to employees who are doing everything they can to meet their financial obligations. That’s why, thankfully, there are financial wellness companies out there that can help.
As an employer, there are a wide variety of reasons to implement a comprehensive employee financial wellness program alongside your traditional benefits. Here are just of the few leading advantages!
1. Decreased Medical Costs:
This benefit might not seem so obvious right off the bat, but you can drastically decrease medical costs with the right financial wellness company working at your side. This is because finances can easily cause stress, anxiety, and other ailments that ultimately result in your employees needing medical attention. But if they’re on a solid financial footing, you’ll see fewer medical costs and absenteeism in the office place.
2. Added Employee Engagement:
Having a solid financial foundation and not worrying about meeting your daily or weekly financial obligations will make your employees much more engaged and productive. They’ll be able to focus more on their work and remain motivated each day.
3. It’s Becoming a Standard:
Offering financial wellness components as part of an overall benefits packages has become quite a standard in the corporate world. This is a great way to attract the best talent to your organization. Candidates, especially millennials and young professionals, will be looking to begin their careers and start saving for retirement as soon as they can. The added enticement of working with a financial wellness professional to ensure the best results can pay off big dividends in terms of developing the very best team of employees.
4. Improved Retirement Options:
Another reason financial wellness programs in the workplace are important is that they can increase participation in your company’s retirement plan, meaning greater 401(k) enrollment, and higher contribution rates that can benefit your company in the long term.
5. Increased Morale:
Piggybacking off of point one (decreased medical costs) adding a financial wellness program to your workplace can make employees feel like they’re truly valued members of the team. They’ll want to come to work every day and do their best, knowing that they work for a company that values not only success but their overall state of health and financial well-being.
6. Reduction in Workplace Turnover:
Lastly, but certainly not least, adding financial wellness programs as part of your benefits package can drastically reduce employee turnover. It’s no secret that interviewing, hiring, and training new candidates can be a drain on resources. You can reduce this by adding a comprehensive financial wellness plan along with your traditional benefits.
Help Your Employees Prepare for the Future…
By giving your team members the assistance and financial insight they need to plan for the future, they’ll be well-prepared for whatever might come down the road. Whether they want to better meet their monthly financial obligations or set away funds for an emergency, having the right financial wellness team at their side can make these things easy.
With a bit of work and financial wellness training, you can have a team that’s happier, more productive, and ready to sing your company’s praises.