Sixty-five percent of Americans say their finances are the most stressful aspects of their life. Odds are that even if your employees are satisfied and inspired, they may feel some financial stress.
Financial well-being refers to being in control of daily and monthly finances, having the capacity to absorb a financial shock, meeting financial goals, and having the flexibility to make choices to help enjoy life. It’s an aspect of employees’ lives that organizations can help maintain. When your workforce feels financially secure, productivity and engagement are maximized—and it’s better for all involved. Let’s explore ways to improve your employees’ financial well-being.
Make financial health part of the culture
From the day you onboard a new hire to the day you bid them farewell, financial health is an important topic of discussion. Leaders and HR professionals can establish a financial wellness program, with checkpoints throughout the year and opportunities to dig deeper during annual reviews or at the start of the year. Encourage employee participation and reward meaningful engagement with fun promo items, like piggy bank stress relievers or smiling tech buddies.
Promote available resources
Not only can you provide resources—but also you can encourage employees to use them. Organizations can offer access to education and financial advice throughout the year. Eighty-eight percent of Americans say they feel some level of financial stress, which can impact overall health. Whether help is part of a company-wide financial wellness initiative or a program on its own, providing expert guidance on matters of budgeting, debt reduction and investment basics can make a big difference.
Check in on employees regularly
to jot questions, document goals and record progress.
Ensure competitive pay and benefits
Perhaps the most direct way an organization can impact the financial well-being of its employees is through pay and benefits. While an individual’s money management certainly matters, reaching financial stability can be a steep climb if income isn’t matching outside demands. Benefit offerings also are key. Consider that 74% of U.S. adults are either very or somewhat worried about being able to afford unexpected medical bills. Study the market and know competitive compensation for similar work. Conduct regular pay audits to ensure fair compensation throughout your organization.
Incentivize healthy habits
If your organization has a financial wellness program, reward and recognize employees for taking part. Give new participants a quarter-zip jacket for showing initiative toward bettering their financial well-being. A laptop backpack is a valuable reward for employees who hit their annual financial goals. Celebrate individuals’ success to motivate others to use the organization’s resources and improve their financial health.
Set employees up for success
With most people feeling financial stress, businesses have an important role to play by ensuring employees feel secure. By making financial well-being a cultural focus, promoting available resources, checking in often, offering competitive benefits and incentivizing positive habits, you can ensure workers don’t just survive, but thrive. |
