These trends are not just about controlling employees or maximizing efficiency either. There are many reasons for businesses to offer financial wellness programs in the workplace — and the best of those reasons are selfless. Here's why businesses continue to implement financial wellness in the workplace.
To Help Employees
Really, it doesn't get much more fundamental than this. It's also one of the top reasons that businesses choose to offer financial wellness in the workplace. Employees who are struggling with their finances could use a helping hand, and you're in a good position to provide this. Regardless of all of the productivity benefits and the incentives when attracting new talent — helping your employees live financially secure lives is just the right thing to do. Everything else should be secondary to this.
To Decrease Workplace Distractions
Do your employees have their mind on their money? Studies show that this is probably the case. According to these studies, personal finances are actually the number one distraction in the workplace. The logic is that if you want to keep your employees more focused on their work, helping them deal with their financial issues is a smart move.
To Attract New Hires
When done right, financial wellness programs can be considered a benefit. By implementing something like, say, assistance with repaying student loans or help paying for further education, you'll make your business a much more appealing option for job seekers.
Employees Want It
Some employers worry that by implementing these financial wellness programs they are overstepping their bounds. Do employees really want their employers to butt their heads into their personal financial issues? Yes, they do, actually. By and large, employees appreciate financial help in the workplace with one caveat: you have to maintain their privacy. Employees don't necessarily mind some outside help with their finances, but they don't want other employees to know their personal business.
So what's the takeaway here? For starters, you should keep in mind that the number one reason to offer financial wellness in the workplace is not a matter of productivity or numbers — it's simply to help your fellow person. Financial wellness is far from a science and although businesses continue to refine their methods and learn what works and what doesn't, you simply can't guarantee that a financial wellness program will get you any specific results. A second important point to make is that employees do appreciate these programs — as long as they are carried out with the utmost attention to your employees right to privacy. No one wants their dirty laundry aired to the entire workplace.
At Summerlin-Roberts we help you develop creative, personalized solutions that will reduce the burden that financial stress places on your employees. Please, contact us today to learn more about successfully implementing a financial wellness program into your workplace.