This article was last updated Mar. 30, 2020.
What does a financial well-being program look like within your workplace? And, though we believe these to be important — we’re not counting your robust 401(k) or pension plan.
We’re talking tools and resources, on-site experts, workshops, education or training in financial literacy and well-being.
Truth is, while 85 percent of large employers and 50 percent of small employers are offering wellness programs to their employees today, according to a RAND Corporation study, External Site many of the programs are focused solely on diet and exercise.
As the demographics and expectations of your employees continue to change, it’s important to know they are craving a more holistic approach to health and well-being. What does this mean for you? More emphasis on the six elements of well-being; specifically financial well-being.
When financial issues arise, your employee’s health is at risk
From the front-line workers to the c-suite executives in your workplace, there is financial insecurity at all levels. Yes, you read that right. Even your highest paid employees can struggle with finances. And, when employees experience financial struggles, their overall health and well-being is at risk to decline. Here’s a breakdown, complete with examples of how financial troubles can lead to much larger issues.
Social:Turning down team bonding activities (happy hours, lunches, team outings) to save money.
Community:Avoid participating in company-wide fundraisers or giving back charitably through an employer-sponsored giving program.
Career:Actively looking for other jobs that pay more money or finding part-time work in addition to their full-time job.
Physical:When employees feel stressed (especially financially), it can lead to health-related issues causing absenteeism, productivity loss and skyrocketing health insurance claims.
Emotional:72 percent of Americans said they felt stressed about money External Site and 22 percent felt extreme stress over finances. Financial problems are a root cause for depression, fear, panic and anxiety as well.
Financial stress is the #1 stressor in the U.S.
When you add Enrich financial wellness benefits, you can help your employees ease their financial stress and give them access to a personalized step-by-step financial plan. Learn more about Enrich now.
How to help your employees with financial stress
Did you know that according to a recent study, 33 percent of employees reported financial stress affected their work?
Get solutions for supporting your employees when you watch our How to help your employees with financial stress External Site webinar — completely free to you. In this webinar, the experts at Wellmark will discuss:
- Practical tips and strategies for helping your employees manage their financial stress.
- Tactics for encouraging financial wellness.
- Resources for getting your employees back on track.
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