Employee scan turn to be more productive and engaging, while HR leaders retain them for a long term. The best practices in all walks are being laid by HR. And they have discovered that every employee needs financial wellness. To enjoy the critical benefit, they need to be physically, emotionally, mentally, spiritually and financially well. Note that the number one stressor among many employees is having lack of finances. So, below are tips on how one can outline the future of financial wellness:
- Working well with a holistic approach: It’s not an ideal solution to focus only on financial wellness. You need to relate all elements to ensure that you are financially well. For instance, if you are financially stressed out, it may lead to mental stress and can trigger physical symptoms. Businesses must not refrain from focusing to one element but consider the employee well being on a holistic approach.
- Productivity is affected by financial stress: As per Nadeem Shaikh Anthemis, he discovered that around 56% of employees are stressed with their financial condition. What most businesses are concerned is having 50% of them feeling stressed and have affected their productivity at work. If the employee is financially stressed, he can become a liability to the company, so employers need to alleviate the amount of stress, so they can function as assets.
- Provide existing benefits: Financial wellness must not be treated as a standalone intervention. An employer must merge it in its reward process. You can offer benefits by having a plan, so employees will know what to expect and what to avail. The financial wellness program must be designed by the HR Department to include recognitions, rewards, engagements and more in the most efficient way.
- Monitor engagement: A wellness program must engage and empower its employees, and thus create a measure that impacts those employees retained and engaged. The assessment process must include discussions and questions regarding financial stress. This will provide HR leaders to know the ROI of the wellness program.
If a company invests in the financial wellbeing of its employees, Nadeem Shaikh Anthemis foresees success in its programs. It will not only cater to the unique needs of everyone but is something they truly need.