Let’s face it: these days, money is on everyone’s mind. Nowadays, especially with the COVID-19 pandemic, more employees than ever before are struggling with their finances. In fact, studies have found that one of the leading causes of employee stress is, you guessed it, money. So, what’s the solution?
Well, first, it’s important to help employees stop living paycheck to paycheck. Many even with families unfortunately find it difficult to get a handle on their monthly expenses, or budgeting as they need to. Unfortunately, this type of stress will directly result in a decrease in work performance as employees’ minds wander elsewhere to worry about how they’re going to make ends meet that particular month.
Without savings or a way to get them out of a financial emergency, employees can be facing a pretty difficult reality. However, there is a solution that many companies are now turning to that gives their employees the help they need, and that’s financial wellness programs in the workplace.
By implementing the right workplace wellness program, you can help your employees prepare for financial emergencies, as well as retirement and their month-to-month expenses. But providing your staff a roadmap to financial autonomy won’t just benefit them, it can also have a number of benefits for you as well, such as:
- Increased employee morale
- Fewer on-the-job errors and accidents
- Better employee attendance – less sick time and fewer missed days
- Reduced healthcare costs
- Better recruitment possibilities
- Greater profitability
- Increased employee satisfaction
- Reduction in workplace turnover
- Higher employee engagement
- Improved productivity
By eliminating the need for your employees to request payment advances, or turn to predatory financial lenders when they have an emergency, you’ll be able to boost workplace productivity. Helping to end the paycheck-to-paycheck cycle can also attract better talent to your company, so why not do what you can to give your employees the tools they need to build a strong financial foundation?
To learn more about how to do so, book a demo to see the platform for yourself.