From our archive. This article was published on 17 December 2018. Rules and amounts may have changed since.
In the past, workplace “well-being” programmes were solely about promoting good health and preventing accidents at work. Fortunately, we have come a long way, and most organisations place the emphasis on overall well-being, with more support from the employer. Build loyalty and commitment by helping your employees make better financial decisions. A financially healthy employee is usually a happier and, consequently, also a better employee.
Employers are becoming more aware of the financial stress that many employees have to endure every day and are genuinely interested in helping the people who work for them move forward.
The next step in the evolution of well-being in the workplace is reducing financial stress: something that gives employers a surprising advantage in the market. Companies compete on far more than price, including the skills of their workforce, innovation and efficiency in the workplace. Each of these elements depends, not least, on the availability, talent and health of their employees, as they influence every aspect of the company’s value chain.
Many companies believe that programmes that promote financial well-being lead to greater engagement, loyalty and productivity:
- Employers are aware of the financial stress that many of their employees have to cope with, and they are genuinely interested in helping the people who work for them wherever possible. More and more employers are expanding their employee benefits to promote financial well-being, for example by helping employees to budget and manage their money.
- Customer-focused companies worry that employees under financial pressure will not be able to deliver the level of service needed to succeed in a competitive market. Many HR professionals notice that financial stress affects employee performance.
- Many employers are convinced that financial wellness programmes are an important way to show that they care about their employees, while also being effective at reducing staff turnover and building loyalty.
We endorse the importance of all areas within a comprehensive well-being and health policy and look at wealth from a holistic standpoint. Leaving out a financial health policy would mean that one of the most important influences on a person’s perception of happiness and success is left out of the picture. You will also realise that the absence of any opportunity to make use of such programmes is no longer in keeping with the times.
Text provided by the Financial Well-Being Academy.