*This article was last updated March 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.
Millennials are expected to makeup 75 percent of your workforce by 2025. Guest what? Two-thirds of this generation are living paycheck to paycheck External Site.
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:Seventy-two 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.
Five tips to improve financial well-being in your workplace
Want to unlock five free tips to improve your employees financial well-being and their productivity within the workplace? We've got just what you need. Watch our "Rethinking financial well-being in the workplace" webinar External Site — completely free to you. By watching this webinar, you'll unlock:
- The difference between what employers and employees want out of financial well-being programs.
- How finances impact your employees’ health and productivity.
- Solutions you can incorporate into your workplace.
- Five free tips to improve financial well-being in your workplace.
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