Financial Wellness Programs To Reduce Employee Stress

It is designed to relieve and reduce employee financial stress through education.

Financial wellness programs to reduce employee stress.

Competitive wellness benefits are paramount to retaining and attracting employees. Offer a financial wellness program. What is a financial wellness program. Financial stress increases when employers decrease benefits.

When you look at the pros and cons financial wellness programs can reduce turnover lower healthcare costs decrease in stress related illness from financial predicaments and lower absenteeism. Employers must choose wellness programs that suit their employee demographic and workplace lifestyle. Financially stressed employees need education on financial topics. Here at enrich we strive to educate people on the latest news in retirement healthcare and personal finance.

A survey done by salary finance among more than 10 000 americans shows that us companies lose 500 billion a year due to their employees personal financial stress. Employee financial wellness is designed to do one thing. Because financial fitness programs seek to reduce employee stress they may be a relevant expense under an existing wellness budget alternatively your organization may have a budget in place. Both employees and employers realize gains when financial stress is reduced.

If employees have no financial surprises in their financial futures life will be an awful lot easier and those unwanted financial stresses will be dealt with well before they arrive. These programs are gaining popularity as more organizations realize that healthy employees are happier more productive and cost less. Building talented teams and reducing employee turnover is key to a successful stress free work environment. Employers that don t measure the effectiveness of financial wellness programs won t know if they re meeting aims such as reducing employees money related stress.

The remaining and possibly most costly concern is their financial wellness. The employee benefits research institute ebri noted that larger firms are more likely to offer financial wellness programs. A growing number of companies are offering financial wellness programs to reduce stress and help employees optimize their benefits. Through careful analysis of the latest trends strategies in financial wellness we are able to put together provocative resources.

Although benefits have a cost the costs from presenteeism absenteeism and burnout will be substantially higher.