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Financial security is something that most of us desire, but few can really claim to have. It's no surprise then that financial wellness programs continue to appear in the workplace. We've long abandoned the idea that an employees personal life has no bearing at all on their job and these days businesses try to connect with their employees on a deeper, more fundamental level.
The popularity of workplace wellness programs is growing. Financial wellness, in particular, is a hot commodity, given just how stressed most Americans are about their finances. Not every workplace wellness initiative is successful, however. Personal finances are a touchy topic and broaching that with employees can be difficult.
The concept of financial wellness is a hot topic these days, as student loan debt soars and retirement savings stagnate. The question is what can you do as an employer? You certainly can't make all of your employee's financial choices for them — and they wouldn't want you to — but there are many ways that you can help your employees make wise financial decisions.
More and more companies are choosing to make their employees’ financial wellness a priority, and for good reason. Financial issues are a leading cause of stress among employees, and stress is the great killer of productivity. You can get started today by offering your employees these helpful financial wellness tips.
Financial insecurity is at the forefront of almost every employee's mind. Financial insecurity can lead to mental issues, relationship issues, work issues, and a host of other problems. It's an insidious issue with deep roots and there's no easy fix. That doesn't mean there's nothing you can do, however. Financial wellness programs can help your employees make smarter choices and inspire them to plan for their future more effectively.
You can't force your employees to make the right financial decisions, but you can point them in the right direction. It's not just good for your employees either. Stressed employees are bad for business and finances are a huge source of stress. That's why it's so important to teach your employees about the fundamental concepts of financial wellness.
If you were to poll your employees and ask them what their biggest source of stress currently is finances would surely top the list. Young adults are graduating with mountains of student loan debt and a surprising number of adults are living paycheck-to-paycheck, with little in the way of emergency savings. Many of your employees are probably working hard all day only to go home and have to worry about paying the bills on time.
We've talked a lot about how stress is the number one productivity killer in the workplace. Can you guess what the number one cause of stress is? If you guessed finances you'd be correct. The trend towards healthy, stress-free workplaces is as strong as ever and financial health needs to play a key part in your broader employee wellness initiatives. Let's take a more in depth look at the concept of financial wellness and how it impacts your business.
Employees are more stressed about money than ever before. Studies show that over half of all employees are stressed about their finances and this stress is leading to poor performance in the workplace. The causes of and solutions to financial stress are not always clearly defined, but implementing a robust employee financial wellness program is one way to tackle this problem, and many businesses are beginning to do just that.
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